Twila E. Palmer's Blog
Put your money to good use with these house buying secrets. First of the secrets to house buying deals could have a positive impact on your overall financial health. As a first step, avoid taking on large one-time or recurring expenses six to eight months before you purchase your home. Clean up your credit Review your credit reports with the top three credit bureaus, Experian, TransUnion and Equifax. Notice any inaccurate items on your report? Write the credit bureau that posted the items. Also, contact relevant vendors, altering both the bureau and vendor of the errors. Provide evidence that confirms that the postings are incorrect. Follow-up with bureaus and vendors, as needed until all erroneous items are removed from your credit reports. Also, pay off any outstanding debts that aren’t on your credit reports. At the least, become current with all of your bills. Good credit scores could save you thousands over the life of a mortgage. Size matters Look for a house that’s large enough to meet your current and future needs. But, don’t buy a house that’s too big. For example, if you plan on having two children but are currently childless, look for house buying deals on a three bedroom home versus a four or five bedroom house. Age could yield savings If you or your partner has repair skills, be open to buying an older home. You may get the space that you need for a lower price, especially if an older house passes thorough inspections. Check out the neighborhood Research crime history, schools, community events, economic development and businesses in neighborhoods where you want to buy a house. No need in buying a house in a high crime neighborhood or in an area that has a poor school district. Money that you save with smart house negotiating bids could evaporate with one to two home invasions. Steer clear of impulse house buying deals Don’t let your emotions determine which house you buy. You may feel warm when you step into the expansive back yard or check out a stylish master bedroom and the spacious en suite, but that feeling won’t hold if you can’t afford to buy furniture after you close on the house. Instead, be honest when identifying how much house you can afford. Include interest and repairs when you consider the total amount of money you can spend on a house. Leave enough money in your paycheck to pay all of your expenses and pay for entertainment. Don’t put the squeeze on yourself. New furniture can wait If you currently live in an apartment or another house, keep your furniture. Spruce your new house up with accessories like silk flowers, baskets and rugs. You can buy new furniture, a piece at a time, after you get accustomed to paying the new mortgage.