Buying a house is considered a rite of passage for adults who aspire to the American dream. If your goal for the new year is to be a homeowner, there are a few things to know before diving headfirst into the unfamiliar. If you do your homework, you’ll have the information you need to make a savvy real estate decision you won’t regret.

A Brief Guide to Buying a New Home

Know Your Must-Have Locations

Among your primary considerations before buying a house is location. Not every neighborhood will fit your preferences and needs. Come up with a list that itemizes your requirements. If you have kids, for example, look for homes with nearby schools and other amenities, such as hospitals, pharmacies, parks, and supermarkets. Also, investigate a location’s safety and crime rates along with its potential for growth and development.

Check Your Finances

Know how much you can spend before you begin house hunting. Step up your savings for a down payment, and get preapproved for financing. Before you go overboard, think about how much you can afford based on your current finances, including your credit score, and stick with it.

Different lenders have different requirements for approving loans, so shop around. Lenders may offer buyers a range of mortgage options. Financial assistance programs are also open to first-timers, including low-down-payment loans available through the Federal Housing Administration (FHA).

Get a Home Inspection

A common mistake of new homebuyers is forgoing a home inspection. An inspection is not only necessary for financing but also crucial for identifying possible and actual problems with the condition of a home for sale. Be present on the scheduled date, and ask questions. Once you have the inspector’s report, use it as leverage when you negotiate price.

Hire a Local Real Estate Agent

Working with a licensed agent lessens the stress of buying a home. A reliable buyer’s agent will guide you through the transaction from start to finish. Interview several real estate professionals, and maintain a healthy working relationship with them once selected. Moreover, choose a locally based agent. You’ll benefit from their knowledge of the ins and outs of the market.

If you’re like most people, buying a home is a significant investment and a decision you’ll have to live with for a long time. Since it involves a substantial amount of money, be smart about it through forethought and planning.

With these tips in mind, you’re well on your way to a new home in the coming year. When you’re ready to buy a house, turn to the residential real estate professionals at RE/MAX Real Team Realty of Ashland, KY. Their licensed agents have helped countless clients like you find their dream homes in and around the area. Get in touch at (606) 325-040,7 or go online to meet their real estate agents.