8 Smart Tips for Home Affordability
Not everyone who wants to own a home should buy one. After all, home ownership is a big investment and maintenance, taxes and related costs can consume your budget. Don’t take homeownership lightly — it is a big responsibility. Let’s take a look at how to make home buying affordable and satisfying for you.
Step No. 1 — Review your credit. If your credit history is a solid one, then you should be in a good position moving forward. Provided of course that you can afford a home. Still, you should check your three credit reports for accuracy. Visit AnnualCreditReport.com to obtain free copies of your reports. Examine them closely to determine if the information about you is correct. Notify the respective credit bureau if you find mistakes or outdated information.
Step No. 2 — Determine what you can afford. Home prices vary from community to community and from home size to home size. You may have your eyes set on a certain type of home, but you may not be able to afford it. Work with a mortgage lender to determine how much home you can afford, the amount of money to put down and to get qualified too. If you get approved for a mortgage before you shop for a home, you will have better negotiating leverage than the individual who isn’t yet qualified.
Step No. 3 — Work with a real estate agent. The home buying process requires a lot of work. Navigating through the process can be difficult and challenging. Finding a real estate agent to help you can ease that burden. Working with a professional can smooth your move. Interview at least three agents to determine what they know and what they can do for you. Agents that know the market, have experience, and are respected in the community will be the ones you want to work with.
Step No. 4 — The school district matters. Whether you have children or not, buying a home in a strong school district is important. Communities with the better schools are more stable. They also contribute to holding up home values. And if you do have children to educate, they will receive the tutelage you desire for them.
Step No. 5 — Visit the communities. Choose what communities interest you. Narrow that search further by rating what is important to you — schools, home values, shopping, proximity to work, residential feel and so forth. Then, visit neighborhoods of interest to you. Walk the streets where homes are listed for sale to gauge the neighborhood. Drive around on neighboring streets — find out what issues the neighborhood may have including business encroachment, home upkeep, yard maintenance and order.
Step No. 6 — Shop for homes. Visit open houses. Read home for sale listings. Work with your real estate agent to find you a home. Carefully take note of homes that are of interest to you. When you find one, present your offer. Your agent will deliver it and negotiate on your behalf. If you find the home you want, then sign the buy agreement.
Step No. 7 — Work with your attorney. Hire a lawyer skilled in handling real estate closings. Between your real estate agent and legal counsel you will get to your closing successfully.
Step No. 8 — Prepare for your move. Once the closing date has been set, you need to prepare to move. Rent a truck or hire a moving company advises the Allied Moving Companies.
Your New Home
When you arrive in your new home, take your time unpacking and getting acclimated to your new residence. You made a big move and not everything needs to be tackled at once. Enjoy your new house and the home you are making.