When buying a home there are a myriad of concerns that you should deal with before making the final commitment to buy. One of these concerns should be the condition of the exterior of the home. This does not merely refer to how the outside looks, rather the actual condition of the home's exterior and the materials used to construct it. There will be different concerns depending on what your home's exterior is made up of, wood, stucco, brick or other stone surface materials or even vinyl or aluminum siding.
One of the most common exterior surfaces is wood. Unfortunately wood is more susceptible to the elements than other surfaces and termites and other bugs can become a problem if not discovered early on. Before buying a home with a wood exterior make sure that you inspect the wood for weather damage and wear. All exterior wood should be properly weather sealed and maintained on a regular basis. With stucco there are a different variety of concerns. If improperly prepared, stucco can be porous and allow moisture beneath the surface of the home. Also, all seams and corners must be properly sealed to prevent leakage. Water damage can lead to stucco crumbling and to the materials beneath it rotting.
Brick and stone brings another concern to the table, this mainly refers to the cracking of the mortar that holds the stones in place. It is something that can be fairly easily repaired but the difficulty comes in recognizing the problem when it begins. Hopefully this article has not spooked anyone on buying a home. These problems occur when homes are constructed improperly or when mistakes are made during building or renovation. Be sure when you buy a home that you take every aspect of the home into consideration before committing. It will ensure that you are a happier home owner in the long run.
Home Buying Credit Score
Mortgage Payments
The first step you should take in determining what you can afford is to talk to a mortgage lender. In fact, the best step you can take is to go through the loan process to the extent required to get a pre-qualification letter. A pre-qualification letter tells you and a seller how big of a home loan the lender will give you.
So, once you have the loan in hand, that must be the amount you can afford? The answer is maybe or maybe not. The prequalification letter is based on a number of factors such as your earnings and credit. It is not based on a picture of your life, which can lead to problems.
Other Expenses
There is nothing worse than buying a home and straining to make the monthly mortgage payments. This situation occurs when a homebuyer relies solely on the pre-qualification letter or their own wishful thinking. You may have purchased your dream home, but don't let the payments be a nightmare.
In determining how much you can afford to expend on a home purchase, you must consider your overall financial situation. Although you may be in a decent financial situation at the moment, do you have future expenses that will put pressure on your finances? Such situations might include:
1. Planning to have kids in the next year or so?
2. Are your current children going to college soon?
3. If you own a business, is the financial outlook stable?
4. If you work for a company, are you reasonably sure the company is headed in the right direction?
5. Do you have any concerns regarding the dreaded downsizing?
6. If you are the sole bread winner, what would happen if you were unable to work for a few months because of health issues?
These general questions are intended to wake you up to the possibility of over extending yourself on a mortgage. Every situation is different, so make sure you take a careful look at your life to make sure you are committing to a loan you can afford now and in the future.
Both Preston Guyton & Raynor James are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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