Home Buying Advice: Meet Your Needs Over Time

Written by Posted On Wednesday, 14 June 2017 10:56

Are you looking to buy a home?

Whether you're a first time home buyer or have been through the process before, your beginning steps are the same. Start with a plan on financing a home purchase. Evaluate your debt-to-income ratio, save as much as you can for a down payment, monitor your credit score, and look into loans that require lower down payments, like FHA or RD loans. Foreclosures and Short Sales can offer more home for a smaller purchase price. If you are purchasing a home with a loan, acquiring a pre-approval as early as you can is important to understanding how much home you can afford. What kind of loan you are looking for will vary with your future plans. Just as you will shop for a house, it’s a good idea to shop for a lender. Different lenders can offer various loan options that will fit in with what you need.

No matter your age, it’s important to look at how a home will fit in with your long-term goals. How long you plan on staying in the home affects how much time you have to build equity before selling. If you plan on staying at the home for more than a few years, make sure the home you pick now could meet future needs, from pets to a growing family. If you’re looking for a first home to build equity in and bridge the time between now and purchasing a long-term home, keep your budget in mind and set a realistic timeline and monthly payments to meet your equity goals for re-selling.

Choose a Realtor who knows your area! A local buyer’s agent will know the housing trend in the area you are looking in, and can help you find the right home for a fair price. Don’t be afraid to interview a few Realtors to find the one you are most comfortable with and confident that they will be able to help you buy your dream home, from showings to the closing table.

Be prepared for your costs after closing. New furniture, lawn care, and home maintenance costs can stack up quickly! To help cushion some repairs, consider asking for a Home Warranty from the sellers to cover appliances and mechanicals. Have a Home Inspection as part of your purchase agreement to check the home for any necessary repairs, whether immediate or in the new future, to help budget for home maintenance.

If home maintenance or repairs are too much to take on, consider purchasing a new construction home. New construction homes require less maintenance and won’t require major repairs during the first several years of owning a home. New construction is also more likely to have energy-efficient windows and appliances, and homeowner’s insurance rates could be lower than on an older home. As an added bonus, many builders offer different financing options or closing cost help for buyers.

Several years after living in your home, make sure to re-evaluate your priorities and consider if your current home still meets your needs. Does your home have enough space for you? Is it still well-located to your job and family? What matters in finding the right home is your lifestyle, not just your age. If you’re constantly thinking of what things you want to change, or find yourself browsing homes for sale online, it may be time to consider selling your home.

If you’re looking to sell, a lot of real estate advice recommends updating or remodeling your home to sell it for a higher price or faster. It’s crucial to keep in mind not to overimprove your home! Various remodels and repairs have different returns on investments. Upgrading to energy efficient windows and putting on a new roof can be great choices, where as the costs of adding a room to your home or completely remodeling the kitchen may not reflect in your selling price. Ask a local Realtor who specializes in your area or neighborhood about the current value of your home, the value of homes in your neighborhood, and how much improvement to your home would be too much.

When finding your next home, pay attention to the next phase of your life. Many people see buying their second home as upgrading or getting a larger home, but this may not be the best plan for you. If you want this to be your last move, downsizing may be the best option, which could also keep your home maintenance level down and lower your mortgage payments so that you can pay if off more quickly. If you’re starting a family and looking for more space to grow in, paying extra attention to neighborhoods and school districts will be at the top of your list, not just how much living space a home has to offer. Start your home search process from the beginning with a pre-approval.

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Ed Constable

I pride myself in being Reliable, Persistent, and Passionate.
I've worked hard to put together the most cutting edge marketing plan that matches buyers and sellers quickly and smoothly.
I am available 7 days a week to give you a wealth of knowledge, unbeatable service and take you step by step through this fun, exciting and surprisingly easy process.
Before, during and after the transaction, I exceed my client's expectations and deliver them one on one service.
If you are looking to sell or buy a home, look no further. I am looking forward to working with you to make your dreams a reality.


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