Jacques Poujade Shares: 3 Tips For Avoiding Surprises During The Homebuying Process
The home buying process is exciting, but it’s definitely no walk in the park. First of all, buying a home is a huge decision, whether it’s your first home or your fifth home.
There’s a lot of money involved, and a lot of big life decisions. Next, buying a home can not only take a lot of time, but the typically lengthy process can also be full of hiccups and surprises.
Jacques Poujade, a real estate expert who works in the lending industry has seen it all when it comes to home buying surprises. As a managing partner at LendPlus, Poujade has made it his mission to help people live in the home of their dreams with alternative lending solutions.
He often is a resource for advice and tips on real estate, and recently offered financial advice during the COVID-19 pandemic. Today, Poujade is sharing three tips for avoiding surprises during the home buying process.
Make sure you have a good understanding of your finances
When you’re looking to buy a home, it’s crucial that you have an excellent understanding of your own personal finances, according to Poujade. And this goes much deeper than balancing the checkbook and taking note of your loans and debts.
You may want to check your own credit score, for example, because that’s a crucial tool used in the loan approval process. Make sure you’ve uncovered all of your outstanding balances and know exactly what you can afford. This will make for much smoother sailing, and help you avoid any unpleasant surprises.
Make sure you’re working with a lending professional you trust
The home buying process is a major undertaking that involves some big financial decisions. Because of this, you need to make sure you’re working with a lending professional who has your back and is fighting for your success.
Poujade himself has been helping people find lending solutions that work best for them, to help them buy the home of their dreams, and he works under the ethos that everyone deserves to achieve the American dream. Whoever your lending professional is, you want to make sure they’re helping you get your best rate possible, and that they’re not going to take advantage of you.
Know your home, inside and out
When you decide to buy a home, knowing its history isn’t always easy. But do your due diligence to ask critical questions and dig deep to understand exactly what you’re getting yourself into.
Because this can be crucial when it comes to finances. If your house needs endless repairs, and you’re not expecting them, that can end up being debilitating for your wallet.
So, what are some things you should look out for, according to Poujade? Ask about all recent work and repairs, the plumbing, electric, and appliances, and ask about the home’s history.
Was there ever a big storm that damaged the roof? All of those things could come into play right after you sign the final documents, and you don’t want to be left with major surprise expenses.
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Featured image used by permission from Jacques Poujade
