Thinking of Buying a Home After College Tips: Credit, Foundation Damages, and What to Avoid!

C:\Users\hungtran\Desktop\Getty Images\467332031.jpg

There are a lot of things both frightening and liberating about graduating college and stepping out into the real world. Buying a home or apartment as a millennial in a college town like Lincoln or a more affordable place like Columbus is most definitely one of them. Some graduates may already have experience buying or renting homes in their 4 years as undergrads, but some definitely don’t. A lot of students live in dormitories or have housing scholarships, or are simply helped out by their parents. This doesn’t help when it comes to stepping out and finding a home that is affordable, well built, and in a good area. This article is meant to help new graduates with the tough process of buying their first home, and to also provide information about home foundation problems.

Check For Foundation Damages If You’re Buying

C:\Users\hungtran\Desktop\Getty Images\177538972.jpg

I’d like to discuss a huge topic that often goes unnoticed within the context of buying homes - home foundation problems. Sellers usually have to abide by laws to inform a potential buyer knows of any problems in the structural integrity of the house, but that doesn’t always happen. Here is a list of things to get a grip on everything. Check for cracks inside and outside the home in the walls and foundation. Write down the location, shape, and severity of the cracks, even if only cosmetic. Make a note of doors and windows that stick or don’t open properly. Be aware of water damage or moisture that has collected around foundational elements. The last few things to do are to talk with a realtor and qualified home inspector about these signs, and get a free reparation estimate from a home foundation repair company. Home foundation repairs can be cheap or a bit costly, but they will also up the resale value of the home. These are also very much applicable to all recent graduates, or anybody looking to buy a home. Check for all of these things when buying a home. For more information about foundation solutions and repairs, check out Olshan Foundation Solutions.

Factors to Consider When Buying a Home

One very important thing for those looking for a place to live is your credit score. More important than checking for foundation problems, a good credit score is one of the most important things to have under your belt. Assuming you will be trying to qualify for a loan, this is one of the main things banks check for these days. Credit scores can drop very easily, due to circumstances besides just paying loans back on time. The best way to check your credit score is to use a free report site such as myBankrate, and the best way to avoid a bad credit score is to do a little research into what makes a good one, and make all your payments on time!

Organization of Documents and Down Payment of the Home

The last essential action is to organize all of your documents. You must document income and taxes, and have these papers ready for mortgage lenders. Probably at least two pay stubs, W-2’s, tax returns, and two months of bank statements. You must also figure out your down payment. This can be stressful sometimes, but good ways are to just to save up for it, or you can also apply for interest-free loans and grants.