10 Things No One Told Me Before Buying A House

Buying a house is a rewarding but complex adventure. The more you know about the process, the easier it is for you to find the right deal for you.

Over and over, first-time homebuyers, in particular, have mentioned there are things they wish they'd known. This list of ten common "things no one told me before buying a house" will get you off on the right foot when it's time to house-hunt!

1. Down Payments
   It wasn't that long ago when a 20% down payment was considered standard for buying a home. Things have changed: Lenders are often willing to work with you on a lower down payment. There are even first-time homebuyer programs that require a very low or no down payment.
2. School Districts
   Homebuyers who don't have children and don't plan to in the future often overlook the quality of schools in an area. It's a good idea to take these into account, though, since excellent schools often track alongside property values over time. A good school may mean a good investment.
3. Mortgage Amounts
   You don't have to spend every single cent of the mortgage loan amount you were approved for when buying a house. Although it can be tempting to spend the maximum, experts suggest you should choose a package that limits payments to 30% of your gross monthly income.
4. Furnishings
   Furnishings for a new home often end up more expensive than expected. Early in the process of selling your existing home, make plans for which items you want to keep and which to sell. Then, check your new home to ensure the "keep" items fit in: Physically and style-wise!
5. Monthly Payments
   Lender websites often make buying a house sound as easy as making monthly payments on your principal and interest. However, there are several components of a monthly payment, including things like insurance, taxes, utilities, and other matters that may go to several different billers.
6. Contractors
   After buying a house, one of the first things to do is find a good contractor. Your new maintenance contractor should provide you with a detailed, itemized estimate of what it will take to resolve the issues the home inspector uncovered earlier in the buying process.
7. Credit
   Your credit score and credit history are both critical to your ability to attract a mortgage lender. In general, you shouldn't open any new credit accounts while buying a house. Don't close any accounts, either: This won't help your credit score, and it can spook lenders, too.
8. Lenders
   It's always a good idea to comparison shop between the various lenders who might be able to offer you a mortgage loan. No lender is perfect, but a tiny difference in Annual Percentage Rate (APR) can save you — or cost you — thousands of dollars over the life of your loan.
9. Neighborhoods
   The development plan for your neighborhood can have a significant effect on property values over time. The local planning office can give insights on the civic improvements and commercial developments anticipated in the area so you can raise your resale value.
10. Repairs
    Maintenance and repair costs are inevitable for a new home. To ensure that you've got the funds on hand, it's a good idea to budget 1% to 4% of the home's value annually. This figure may increase if the house is older, larger, or subject to extreme weather.

Buying a house doesn't have to be difficult. Now, you can go into the process more informed. The only thing missing: Help from a real estate expert who can make things easier.

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