5 things to think about before you purchase a home.

Whether its your first time or you're just looking to relocate...

The real estate market is ever-changing and its more important than ever to have an agent you trust by your side to help guide you through the process! Here's 5 important tips to consider before investing in your next property! 

Decide how much "home" you can afford.

What price home are you in the market for? In addition to estimating monthly mortgage payments, have you factored in other expenses such as insurance, property taxes, utility payments, and maintenance costs? 

When you talk with lenders, they’ll help you understand the maximum mortgage you qualify for. Then you’ll need to make a decision about what price house and which loan amount up to that maximum feels most affordable for your lifestyle. 

Chat with local lenders.

Check out local lenders in your area and see what programs they offer [especially if you're a first time buyer]. Some are different from others and it's always a good idea to explore all options that could potentially save you money when buying a home.

Start saving early.

A home is an investment! Here are the main costs to consider when saving up:

→ Down payment: Your down payment requirement will depend on the type of mortgage you choose and the lender. 

→ Closing costs: These are the fees and expenses you pay to finalize your mortgage, and they typically range from 2% to 6% of the loan amount. That’s additional money you’d have to pay in addition to your down payment. 

→ Move-in expenses: You'll need some cash after the home purchase. Set some money aside for immediate home repairs, upgrades and furnishings.

Narrow down what you are looking for.

Whether it’s on the lake, a cabin in the woods, or a townhome — know what kind of home you are looking for! Sit down with your agent and go through everything that is important to you in your next home. This may also be a good time to consider your 'wants' or 'must haves' in relation to your budget. Are there aspects of a home you may have to compromise on? Or non-negotiables you're willing to pay extra for? Knowing what you're looking for + knowing your budget will help you narrow down your options when you're viewing homes! 

Find an agent you trust.

Every agent has a different style. It's important to sit down and see who you vibe with the best, understand how they communicate, the value they bring to the table. Being on the same page with your agent will make the home buying process more enjoyable! 

Bonus tips [for first time buyers]

→ Its never too early to start having first time home buying conversations with a local agent and a lender. This may be beneficial in the case where something were to pop up on the lender side that needs to be addressed before moving forward with pre-approval.

→ Shop around when looking for a mortgage lender. Lenders may have different programs that benefit first time home buyers more than others; saving you money from the very beginning. Comparing offers from multiple lenders can help you get the best rate and terms for your loan.

Have more questions or not sure where to start? Reach out to us! 

Happy hunting! 

Posted by Colton Maher on
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