What to Know Before Buying a Home in California
Buying a home in California is a chance to join the millions of people who are living and owning properties in this part of the country. Being the most important investment means you have to get everything right to ensure you end up with the exact property you have been after. Regardless of where you are planning to buy a house, there are some basic things you need to know. Continue reading to learn more about what look for before buying a home in California.
The first step in the home buying process is evaluating your financial situation on this website; since the cost of homes in California vary depending on different factors, this is how you will determine the amount you can comfortably spend on the house without going beyond your budget. The basic requirements for buying a house in California include: a minimum credit score of 620, down payment, and closing costs among others, making getting the finances in order in the first step to successful home purchase in California which you can know more about on this homepage.
When it comes to buying a home in California, there are three mortgage options to choose depending on your credit score, the down payment you are willing to pay, and the DTI ratio; FHA, conventional, and Jumbo loan are the options. Another factor to consider when shopping for a home in California is maintenance costs; homeowners pay for repair and maintenance services sooner or later with most of them spending up to $2800 annually, however, you can opt for a home warranty instead of paying for them out-of-pocket.
Choosing not to buy a home warranty leaves you with the responsibility of covering the repair and maintenance costs of all the systems if they fail instead of simply submitting a claim and have the home warranty cover them. If you are moving to California for the first time, you should also consider the best places to live in the state by checking the average cost of house in the five cities. Buying a home in this state in different from all the others because of some unique aspects that you should also know about.
Although it is the realtor’s responsibility to protect both the buyer and the seller, that is usually difficult in the case of dual citizenship; where a single real estate agent represents both the buyer and the seller. In case you have questions when buying a home in California, having a lawyer present is a wise choice, however, it is not a requirement; attorneys and presence at closing is different. This is everything you need to successfully buy a home in California.