Whether you’re a first-time renter or home-buyer or an old hand at changing addresses, there are bound to be a few unexpected surprises that show up during the transition.
Here are 3 quick tips, then read our articles in this section and under our Home and Property Insurance so you know how to protect what you just bought!
Tip 1: Know your budget
Don’t overspend on your home or apartment. If the unexpected occurs and you’re suddenly underfunded, you may not be able to afford the monthly payment. If a downpayment is required, having less than 20% can mean having to pay private mortgage insurance. And don’t forget to factor in related expenses such as insurance, association fees and utility bills. If you’re renting and you have a pet, there can be an extra fee to cover potential pet damage. (Check out NerdWallet’s mortgage calculator.)
Tip 2: Do your research
Location plays a big part in determining the value of the home you’re considering. Also, will the new place require a longer commute or a change in schools for your kids? Other points to consider are the local safety and crime statistics, the activity and noise level and the proximity to amenities that matter to you. A real estate agent will be a great resource and give you objective information.
Tip 3: Get it inspected.
If you’ve decided to bid on a house, make sure you get a home inspection. No matter how nice the house looks on the outside, there could be expensive problem areas hiding in the basement, attic or walls, or on the property. (If you’re looking at the house during a hot dry summer, you may not know that the backyard turns into a bog every time it rains.)
Photo Credit: Andy Dean Photography