1. Pay for an inspection
The inspection can cost between 400-700$ for a single family house. Often this can save you thousands off the purchase price if defects are found. This can also get you out of the deal if the defects would indicate the house is a money pit.
2. Hook up with a mortgage broker
Going directly to a bank that you have an established relationship with can cost you thousands over the life of the loan. Let the mortgage broker shop you around to the lenders.
3. Keep the emergency fund close by and easy to access
Within 2 months of closing on my first place I had an assessment from the city, a furnace go out & a water heater go out. These were expensive & scary. I didn’t have a great emergency fund. I scrambled.
4. HOA’s can be brutal
Talk to neighbors when looking. After moving into a town house I was greeted with a 100$ fine for placing a yoga mat on my patio rail. HOA’s can make or break your property. Don’t go into this blindly.
5. Sellers won’t always disclose defects
A few days after closing I thought it was odd water was coming into the basement at an alarming rate. Fresh paint made me think this wasn’t a problem. But unfortunately it was. It wasn’t a cheap easy fix.
6. Your realtor matters
Going w a friend or family isn’t always the best. Going w a local realtor w tons of local listings and knowledge can save you thousands.