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Buying A New Home Made Easy: How To Choose Homeowners Insurance

Buying A New Home Made Easy: How To Choose Homeowners Insurance
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If you're a first-time home buyer, there's nothing more intimidating than putting your life's savings into a new house

. Or perhaps, this isn't your first rodeo, and you're in the process of selling your home in order to buy a new property.

Either way, any home buyer can tell you that the process is never easy. If you want to keep stress to a minimum when buying a house, put these tips into practice today:

1.Buy a home you can afford. If the home that you're buying hinges on a raise in the future, you're only setting yourself up for disaster. As a rule of thumb, it's best to buy a house that will cost two and one half times your annual salary. If you make a modest income of $50,000 to support your household, then you can best afford a home that costs $125,000. If your realtor tries to talk you into a more expensive property, put on the brakes and stay within the means of your budget.

2.Don't be discouraged if you can't save up 20%. Given the state of the economy and housing market, very few homebuyers have the means to scrape together a 20% down payment. There are still a number of public and private lenders that will help you to qualify for a low-interest mortgage with a smaller down payment.
Buying A New Home Made Easy: How To Choose Homeowners Insurance
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3.Look for a good school district. Even if your children are still toddlers, it's important to shop for a home with a school district that will benefit your family. As an added bonus, if you don't have children, owning a home in a good school district will increase its resale value if you hope to sell your property in the future.

4.Don't go it alone. Even though it's easy to look at home listings on the Internet, it helps to rely on the professional guidance of a realtor. Take the time to meet with several real estate agents to choose the right realtor who best understands your needs. Once again, if a realtor is pushy or makes you uncomfortable for any reason, it's best to move on.

5.Buy homeowners insurance. Since you're making a significant investment in your new home, it pays to protect your prized possession with homeowners insurance. Homeowners insurance is a package deal that will combine several types of insurance within a single policy to include dwelling and personal property, medical payment, personal liability, and additional living expenses. Having this added protection will not only provide you with peace of mind, but it will help to protect the money you've invested in your home thus far.

With these tips in mind, it can help make a home buying experience as pleasant as possible. If you're a motivated buyer, you may be able to find the right house within just a few weeks. And that's where all the fun begins as you sign paperwork, wade through red tape, and put down a deposit to officially buy the home of your dreams!

by: Dawn M. Price

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