12 Dec Property Newbies
Congratulations! You are about to become a new homeowner. Are you excited? Nervous? Probably a mixture of both. Here are some tips that can help ease the process of home buying for property newbies:
- Look at your budget and determine how a house fits into it. It is recommended that an individual spends no more than 28% of his or her income on housing.
- Consider your credit! Your dreams of becoming a homeowner will not be realized if your credit history is less than satisfactory. Review your credit report and call the credit reporting bureau if you spot any mistakes.
- Don’t count your chickens before they hatch. Perhaps you are expecting to graduate soon or to be promoted. Do not base payments off of an assumed increase in income.
- Organize your documents. Gather your pay stubs, tax returns, W-2’s, and bank statements.
- Step back and take a look at the big picture. There is no more landlord to turn to when you’re a homeowner. Think about when you need to buy need appliances or when there’s a plumbing mishap. Those are going to be additional costs that you will be responsible for.
- Get a CLUE!
The Comprehensive Loss Underwriting Exchange is an exceptional resource for those looking to purchase a property. Being able to look at past claims made on the property can reveal much about that home or business’s history. CLUE is a shared database of insurance claims. Past claims tend to be based more on the property and less on the behavior of previous owners. For example, claims usually result from the integrity of the structure.  It’s important to know exactly what you are investing in! You can request that the seller pulls the report and provide it for you. If you get the report and you see multiple burglary claims or damage that seems to persist, that would be a red flag.
Give us a call or visit us online to see what we can do for you. AWS agents are always here to guide you through the process of covering your new home with the right policy.
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