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What should I know about buying a new home?

If you’re buying a new home in Rhode Island, chances are you’re extremely excited about what the future holds. It’s important to enter into the process with the right information however, to prevent you from running into trouble with your home or mortgage down the line. Accordingly, TheBalance.com offers the following advice to home buyers looking, especially those buying a home for the first time.

Do your research

Even if you’re working with a real estate agent, it’s best to do some research online when searching for a home. You want to consider things like neighborhood, size, amenities, among many other considerations. You also want to think about the price you’re most comfortable paying, including things like yearly maintenance and taxes.

Find a loan

Chances are you’ll need to take out a loan when buying a home. There are numerous options in this case, including those suited to first-time buyers. You can also get pre-approved for a loan, which will make the process a bit easier. Many sellers look for homeowners with pre-approved loans, as this establishes their ability to pay for the home. This is especially beneficial when there are multiple offers on a property.

Schedule a home inspection

You want to ensure you’re getting what you pay for when buying a home. This is why home inspections are so important, as they uncover any potential issues before money is exchanged. In some cases, you may be able to negotiate a lower price if repairs are required. In others, the seller may be willing to make repairs before the home is sold to ensure the property is ready for the new owner. If extensive repairs are needed, you may decide to continue your search. 

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