21 Surprising Tips You Need to Know Before Buying a House
Your first (or even fifth) house purchase is a huge decision. It seems like there are a million things you need to know before buying a house.
1. Hire a Home Inspector
A good home inspection will cost you several hundred dollars. When you are already spending so much money, it may be difficult to write another check for a professional to inspect your home.
2. Keep the Hidden Costs in Mind
Remember to consider moving expenses, furnishings, closing costs, insurance, taxes, HOAs, and any other hidden expenses of buying a home when first creating your budget.
3. Renting Back Isn’t Always at Market Rate
Keep in mind it's customary to charge a daily pro-rated portion of your PITI payment (Principal, Interest, Taxes, and Insurance), not the market rate.
4. Be a Stay at Home Landlord
If you're buying a house while living alone, it's easy to offset your mortgage (or even make money each month) by renting a room or your entire house on Airbnb during major events.
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