You're tired of renting and want your hard-earned money to be going toward an investment, namely a home. Experienced Realtors will be able to walk you through the home buying process with as little stress as possible. However, before you start seriously looking at properties, there area seven questions you need to ask yourself, especially if this is your first home.
1. How's my credit? If you've never checked your credit, you get one free credit check per year from each of the credit reporting agencies: TransUnion, Experian, and Equifax. When you get your report, review it to make sure the accounts and amounts are correct. About a quarter of Americans have incorrect information on their reports so the sooner you can get that removed from your report, the better.
2. How much can I afford? Work with a lender to find out how much you'll be pre-approved for and create a budget. Remember to include closing costs, property taxes, insurance, and utilities in this budget.
3. Do I want to take on the responsibility of home ownership? When the water heater goes out or the back yard fence falls down in a storm, do you want to take on the time and/or cost of repairs?
4. Am I planning to relocate? If you know you may move in the next year or two, it may make more sense to continue renting. But if you're planning to stay in the area for a while, home ownership may make financial sense.
5. Do I know what I want? Do you want a 3-bedroom ranch style home with a large yard? A condo? A newer home in a golf course community? Make sure that the homes you'll be looking at will meet your needs and your lifestyle for the next several years.
6. Can I afford the down payment and closing costs? Work with your lender to get an idea of what the down payment and closing costs will be of homes in various price points.
7. What neighborhoods should I consider? Not only should you take your commute in to account, but many homeowners choose neighborhoods based on the views, access to shopping and entertainment, proximity to schools, parks, and outdoor recreation. It's easier to look for a home if you have a general idea of where you'd like to live.
If you are ready to become a homeowner, Sallan Real Estate would be honored to assist you however we can. We can set up a complimentary home search that will alert you when homes that meet your requirements come on the market. Please reach out at 775-750-4175.