What to look for when buying a house!

Welcome back to my YouTube channel! Today I'm going to share tips on buying your first home, especially with the current increase in home prices. If you're unsure about staying in your prospective home for at least three years and don't want to convert it into a rental, I'd advise you to rent instead for flexibility.

Before even considering buying a house, ensure your finances are in order: savings for a down payment, good credit score, bills up-to-date, and your income exceeds your expenses.

Once you have your finances in check, consider getting pre-qualified for a home loan before contacting a realtor. This way, you can show them that you're serious about buying. Remember, your qualification amount is not necessarily the price range you should be looking at. Always leave some negotiation room.

Finding the right house is fun, but remember to have a home inspection done. Despite competitive markets, I wouldn't recommend buying a house without one. This allows you to negotiate for fixes or price reduction based on the findings.

Once you put in an offer and it's accepted, there's a period of waiting for loan clearance. During this period, avoid any significant purchases that could negatively affect your credit score.

Lastly, consider the future. What if you need to move for work? In a less competitive market, you might need to sell your home cheaply or consider turning it into a rental. These are important factors to keep in mind as a first-time home buyer. Stay tuned for more tips!

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