Are you thinking that it’s time to buy your own home? If you are, you’re not alone. 75% of Americans say that buying a home is a priority, and 32% of people that haven’t bought one intend to in the next five years.
Of course, buying a home is a big decision, and that’s why you need to make sure that you’re ready. So what do you need to figure out and know beforehand?
Keep reading to learn about five things that you should know before you go about buying your own home.
1. Working With the Right Realtor Is Essential
Some people go about trying to find a suitable home on their own, but paying a small fee to work with a realtor can make a big difference. Realtors have a great understanding of the homes in a particular area and can make finding one much easier.
If you’re selling your current house, a quality realtor will be able to help you expedite that process as well.
2. Consider Your Long-Term Plans
While it’s tempting to think of your immediate needs when buying your own home, remember to think long-term as well. This means taking into account not only your current necessities but those of the future as well.
For example, if you don’t have children now, you may in the future. The same goes for pets.
3. Look Past the Surface
If the paint is peeling and the floors need a bit of love and care, don’t let that stop you from buying a home that otherwise stands out to you. Superficial damage is easy to fix and come back from.
However, make sure that you do consider structural damage. While peeling wallpaper is an easy fix, problems with the foundation are not.
4. Only Get a House You Know You Can Afford
Remember that the price the mortgage company provides you with might not always be exactly what you should spend. Your finances might look good on paper, but it’s smart to create a safety net.
Try to keep your monthly mortgage payments at less than one-third of your income. This should ensure that you have enough in case of an emergency.
Check out this post to help you decide whether or not it’s the right time to buy.
5. Take Other Prices and Costs Into Account
Remember that the buying price is only one piece of a complex puzzle. Aside from the price, you’ll also have to cover insurance costs, real estate taxes, and homeowner association fees.
You’ll also want to be clear on any upkeep fees that you’ll have to pay later on. Sometimes, the cheaper option isn’t always the best bet.
Be Smart When Buying Your Own Home
Buying your own home is an exciting moment, but you want to make sure that you’re ready for it. Before you buy a house, make sure to take into account the five things mentioned in this guide. By doing so, you can be certain that it’s the right decision to make.
Do you now have a better idea of what to do before buying your own home? If you do, make sure to check out some of our other posts for more guides and tips on a variety of different topics.