10 Home Buying Tips for Grads

Buying a house after graduation is a big decision. Before you sign on the dotted line, here are 10 specific things you will want to evaluate:

Your Finances
Can you afford a house payment? How about all of the different things that go along with it like taxes, insurance, and maintenance? Before going out and finding the house of your dreams, contact a financial institution and get pre-approved for a specific loan amount.

The Amount of Room You Need
Even if you're on your own now, you might not be for long. Before buying a house, it is a good idea to determine how much room you need and whether or not the house is currently big enough or can be made big enough to accommodate your needs.

The Location
Anyone who knows anything about housing will tell you that location is important. Not only do you want something that is in close proximity to your work, you want something that will have some sort of resale value if you ever decide to sell. This pretty much eliminates houses near airstrips, power plants, and cemeteries.

Extra Costs and Fees
Some homes come fully equipped with a whole set of hidden fees. Before buying into something that may exceed your monthly budget, be sure to ask about any extra costs and fees that may apply, such as association or maintenance fees.

Property Taxes
Knowing how big your tax bill is going to be is essential. Some properties come with huge property tax bills. If you don't evaluate this fact before you buy, you could be faced with an unpleasant surprise in the future.

The Home's Age
The age of the home you are looking at is very important because it may determine how energy efficient the home is, as well as the amount of money you may have to put into it in the near future. If you don't like the idea of a fixer-upper, you may want to consider a new home or a home that has been recently remodeled.

The Home Inspector's Report
To make sure you don't buy a house with foundation problems or other concerns, you are going to want to get a home inspection before agreeing to buy anything. When the inspector gives you a complete report, check everything over and be sure to ask as many questions as you can about the problems that were reported.

Neighborhood Safety
Some neighborhoods are more prone to crime than others. Before buying a home in any neighborhood, you will want to evaluate how safe the area is. If necessary, contact the local police department to ask about the frequency of burglaries and violent crime.

Seller Status
When looking at a specific home, it is a good idea to find out how desperate the seller might be to get rid of it. If the seller is carrying two mortgages or has had the home on the market for a significant amount of time, they may be willing to entertain lower offers.

Average Home Appreciation
The housing market has proven to be a fickle friend to homeowners as of late. Before investing your money, do your homework and find out what the average home appreciation rate is for the market you are buying into. You don't want to get stuck with a house in a bad market.

More Things to Evaluate Before Buying a House
To learn 40 more things grads should look at before buying a house, click on the link below:

Before You Buy That House! 40 Things You Must Evaluate