Congratulations! you have taken that next step in your life, and you now want to purchase a home. There are many things to consider before buying your home. This is an exciting time, and it can also be a frustrating time if you didn’t know what you were getting yourself into.
Years in the Home
How long do you see yourself living in your home? Is it long term or short term? It is important to build some equity in your home, or sell your home when the market is hot, that way you don’t lose a ton of money in the process. If you are moving to a new town, for a new job make sure you will be staying there for a while that way you don’t end up in a bind. Sure, buying a home sounds like a great idea considering the cost of rent is at an all-time high, and there are less homes on the market to sell. If you plan on purchasing a home, and you transfer jobs to a different location make sure you bought a house is a desirable area that way you can rent the home out and pay your mortgage on time every month without the constant worry of how am I going to afford this, and potentially defaulting on your loan, and losing the house.
How Much Can You Afford?
Know your credit score before you go into this process. A better score will make it a lot easier to get better rates from lenders. If you are pre- approved for 400k you don’t necessarily have to spend all of that. The less you spend the less your mortgage payment will be. Also, it’s a really great idea to have at least 20% to put down. It is a sellers-market right now, and you need to act fast when it comes to purchasing. Just make sure you don’t get in over your head.
Do Your Research
Doing our research is very important. You don’t want to rush out and buy the first house you see. Do your research on the neighborhood, and schools. The best way to get an idea of a neighborhood is to talk to the neighbors and see that they have to say. When looking for a new home something to consider is the school district. The home can be amazing, but do you really want for your children to go to a bad school? Probably not. This can also make the home harder to sell in the long run to a family. Open houses are a great way to get an idea of what you want in your future home, and neighborhood, so head on out and take a look.
Too Many Issues?
Be sure to get the house inspected before you make the commitment to the home. This can save you thousands of dollars. Some people want to move into a fixer upper, which is great just know the potential costs of the renovations. You wouldn’t want to move into a home that needs a new roof, and has tons of mold issues. Some of these problems can be taken care of by the owner of the home, or you can ask for a lower price of the home, that way you can deal with the issues when you move in with the extra money.
If you have more questions on this topic contact MH Akers Custom Homes today.