Buying a home is one of the biggest financial transactions you may make. Here are a few practical considerations that buyers should be mindful of.
- Be Realistic: There are no perfect homes. Decide what is important to you, and make sure you find a home that has the features you require. Be prepared to compromise on some of the items on your wish list.
- Decide On A Price: Get pre-approved for a loan, not just prequalified. We have several trusted lenders that we would be happy to recommend. Make sure you consider not only the amount of the loan the lender will allow, but also what you feel comfortable spending every month. Take an honest look at your budget, or create one if you don’t currently have one.
- Choose Carefully: Buying a home is much more permanent than renting. Purchase a home that you are prepared to keep for a while. Select a home that will be reasonable to maintain, in both utilities and/or repairs. Also make sure you’re thinking of what the future might look like for you over the next five to seven years. If you’re planing to have kids, adopt a pet, or maybe start a business that allows you to work from home, make sure the places you’re looking at can accommodate your plans and allow room for growth.
- Build Up To Your Dream Home: Most people buy more than one home in their lifetime. The average turnaround time is seven years. Buy a home you can afford today. Start to build equity, and then you can trade up or even build your dream home.
If there’s anything we can do to help you with your home purchase, please call us today! 615-347-5316