How to Plan For Your Future Home

Written by Posted On Monday, 08 July 2019 09:45

People that are in the market to buy a home have a lot of options before them. It is all about planning and figuring out what strategy is going to work best for you. Everyone has a different method that they utilize so it is best to find a plan that works best for your lifestyle and stick with that.


Terms of Mortgage and Home Warranties


It would be great to consider buying a home that you paid for a cash, but for most people that is not an option. What you should do is consider the terms of the mortgage. Some people choose a reverse mortgage. Others choose a 15- or 30-year mortgage. The 30-year mortgage is the most common, but it does not make sense to do this if you can afford a 15-year mortgage. Look at your options and decide if you really want to spend 30 years paying on a home that you could have paid off 15. These are serious questions that you must ask yourself.


You should also consider the warranty. There is no need to move into a home that has appliance repairs that you don't know about. There will be a need for a warranty no matter what state you live in. Cover yourself with a home warranty, whether in Texas or Alaska, just in case there are appliances that about to stop working.


Consider the Location


Homes are going to cost more on one side of town than houses cost in another. This is just reality, and you know this based on the city that you live in. There are sides of town that are considered more upscale so the asking price is going to be greater. Consider what you can afford and work your way from there. It may not always be to your advantage to look at the homes that are outside of your price range. In some occasions there may be homes that you can bid on for less than the asking price, but that does not happen very often. Consider how much time you are wasting looking at homes that are outside of your price range. If you know you are wasting a considerable amount of time go for what is easily going to be your best option for buying a home. Do not put so much time into looking at homes that are more expensive than the homes you can afford.


Question Foreclosures


If you are looking for a home that may be in the neighborhood that is outside of your price range you may need to consider foreclosures. This can give you a great deal on a home that may otherwise be inaccessible to you. What you need to do in these situations is question the foreclosure. You need to know the condition of the foreclosure. Sometimes you get the chance to see a foreclosure at a point where the home is still in good condition. 


There may be very little damage to the home, and you may be able to still move in without doing a lot of repairs. There are other homes, however, that are a lot less move in ready. You may find yourself with homes that have been completely damaged in certain areas and it may not be to your advantage to consider this possibility. It's always good to question the foreclosures before you take a leap into these types of environment.


Find out what is going to be a good start for your down payment and plan to save a little more than what is required. The future home that you plan to buy can always be a little more then you may have initially prepared to spend. Other people can make offers against homes that you have placed bids on. When this happens, you may find yourself looking at bidding war. Look at the foreclosures and look at the terms of your mortgage. Make sure you get a warranty on the appliances for the future home because as well.

Rate this item
(0 votes)

Agent Resource

Limited time offer - 50% off - click here

Realty Times

From buying and selling advice for consumers to money-making tips for Agents, our content, updated daily, has made Realty Times® a must-read, and see, for anyone involved in Real Estate.