Purchasing a property is most likely the biggest financial decision you will ever make. Whether this is your first purchase or you are an experienced buyer, this decision must be made carefully
Why Do You Want To Buy?
Are you tired of paying rent? Have you decided to pay your own mortgage and not your landlord’s? Have you outgrown your current home? Are you looking for an investment portfolio? Are you looking for a rental property? Would you like a larger yard? Would you rather live in a different area? Do you want to shorten your commute? Having a clear sense of your reasons for buying will help you choose the right property.
Has Your Income Grown?
Property ownership is an excellent investment; whether you are looking for your dream home, a rental property, or to expand your investment portfolio. Owning real estate is one of the least risky ways to build equity or to obtain a greater return on your initial investment.
Purchasing a home is a huge financial decision, perhaps the biggest you’ll make throughout your lifetime. It can seem like an intimidating task especially for first time home buyers, and it’s understandable. After all, your goal is to find a home you can afford that will fulfill all of your needs and preferences, which can prove to be difficult, especially if you’re unprepared.
One of the best ways to prepare for a home purchase is to get more information about the buying process. This can help make the process smoother, as you’ll know what to expect, allowing you to make more informed decisions and a better strategy towards reaching your goal of homeownership.
If you’re in the market for a home in Aviano, Fireside, DC Ranch, or other nearby sought-after communities, here are some helpful tips to keep in mind:
Get pre-qualified
You never want to get yourself into a situation wherein you finally find a home that seems perfect, only to discover later on that you can’t actually afford it. Before you start looking at homes, consult a loan officer and get pre-qualified.
A pre-qualification will determine your price range, allowing you to save more time by eliminating the possibility of considering houses you can’t afford. Getting pre-qualified also shows sellers that you’re a serious buyer, which increases the chances of your offer being accepted.
Know about the costs of homeownership
In addition to upfront costs including the down payment, taxes, and closing costs, there are other fees associated with homeownership. You need to make sure you’re financially prepared to handle other costs such as maintenance and repair fees, property tax, mortgage payments, utility bills, and more.
Look at available mortgages
Once you know how much you can afford, it’s time to compare mortgages. There are several types of loan products that are available, so you will need to find out which loan will be the best match for your goals.
During this stage, don’t hesitate to ask any questions you may have about mortgage insurance, down payments, fees, and other rates you might be unfamiliar with. Try to get as much information as you can.
Figure out what you want to have in your home and neighborhood
Once you know your price range, the next step is to create a list of features and characteristics you’d like to have in your home, including the number of bedrooms and bathrooms, whether you prefer a new construction or resale, and so on. Also, look into potential neighborhoods and see what type of amenities each one offers, or what schools are nearby if you’re moving with children.
Keep in mind that each buyer’s situation is unique, so it will be up to you to figure out exactly which features for your home and neighborhood are non-negotiable, and which ones are merely bonus features you’d like to have, but aren’t really required.
Looking for homes for sale in Aviano, Fireside, DC Ranch, and other nearby communities? Get in touch with The Kimberly Lowe Group at 480-363-1622, or send an email to sold(at)thekimberlylowegroup(dotted)com
