Buying your first home can be a life-changing process and, perhaps, one of the most fulfilling periods of your life. However, there is much to understand and learn about this particular real estate transaction, so make sure you are prepared for the journey ahead.
Here are several questions you need to ask yourself before getting your first home:
Why do you want to buy a home?
Deciding on buying a home can’t be done on a whim. You have to examine thoroughly the reasons why you want to make that big move to avoid that nasty post-sale feeling of buyer’s remorse. It’s something that a staggering 44% of buyers experience after making their home purchase, according to a 2019 survey by Bankrate.com.
Buy a house because it is the perfect fit for your lifestyle. If, for example, your career choice requires you to transfer to Anacortes and move into one of the lovely homes for sale here, then your purpose for buying real estate here is valid.
Planning for the future is also a solid basis for your home-buying goals. You may have been living in a small apartment for years but you have plans of settling down with your special someone and making a family. Your apartment may have done you well as a single person but will definitely feel cramped once your family grows.
Upsizing or downsizing your living space is another great reason for buying a new home. Upsize because you can afford to. Downsize because your kids have since flown out of your coop to pursue their own dreams and you’re now left with so much space in a large residence.
Don’t buy simply because you want to achieve the “American dream” of having a home of your own. The moment the reality of mortgage and maintenance costs (among many other home-related obligations) kick in, that dream can easily transform into a nightmare.
Are finances enough for a new home?
The price tag on a house is not the only figure you should be looking at when deciding on purchasing it. There are other fees to consider like property taxes, mortgage, closing fees, maintenance fees, homeowners’ association fees, and the cost of moving, among others.
This is precisely the reason why you first need to be financially healthy before making plans to buy a home. Audit your entire financial situation. Account for all your assets and debts. Make sure that once you buy a house, you can continue to live comfortably for at least six months.
If you’re planning to take out a loan, take a look at your credit score. This rating will show how well you handle loans. An ideal score starting from 670 can get you a good trust rating from mortgage lenders, according to credit rating company Experian.
Take into account also that lenders usually only allow a maximum of 43% debt-to-income ratio. They will see if you only spend up to 30% of your income on house payments, as well.
Are you familiar with the home-buying process?
There are steps to buying a home that needs to be followed to the letter if you want to succeed in this particular real estate transaction. While some choose to do it on their own, there are higher chances of committing mistakes anywhere in the process and paying dearly for these mistakes.
It is for this reason that the services of a dependable buyer’s agent become valuable. These real estate experts can help you in searching for homes that tick off all the must-haves in your checklist, represent you and your interests at the negotiation table, and tackle the legal documentation with you, among many other advantages. They also have extensive expertise and experience in the locale where you want to transfer in. You commit fewer mistakes in the process and conclude your journey at the soonest time with the least worries.
Can you take on the responsibility?
If you’ve been renting an apartment, you may have gotten used to your landlord shouldering little details from the upkeep of the heating and cooling systems in your entire building to repairs on your unit’s broken windows. With a house of your own, however, all repairs and maintenance inside and outside your property fall on your shoulders.
For whatever maintenance and repair costs there may be, it’s ideal to have a source of funds set aside. But if your money on hand is barely enough to pay for the mortgage alone, then you may need to step back and reassess your home-buying plans.
Work with the group that has built its reputation on providing its clients with impeccable service and guidance in their real estate journey in Anacortes, WA – The Groesbeck Group. Contact them today at 360.941.3734 or via email at Info(at)JeanGroesbeck(dotted)com.