A New Year, A New Home?
As we welcome in the 2018 year, it’s a good time to take stock and start fresh. Most people hit the gym, put the brakes on spending, and resolve to eat and do better. If your resolution is to buy a home, now is also the time to plan and prepare. If you are considering buying a home this year, answering the following questions will help you plan and prepare for the important investment.
Is your financial house in order?
For renters, many landlords will look at your credit to assess if you will pay on time. For home buyers, good credit is key to getting a mortgage at a reasonable interest rate. Good credit takes discipline and planning. If it’s been more than a year, find out your credit score. You can improve your credit by paying your bills on time, working with a no-fees housing counselor and beefing up your credit literacy. If you don’t have credit, work to establish it independently by opening up checking/savings accounts and using credit cards carefully.
How much you can afford?
One of the first steps is getting a handle on your finances. While it’s not nearly as fun as looking at homes, it’s important to help you understand how much you can afford. What do you earn? What do you spend? How much do you have in savings? Answering these questions will help you learn whether you are financially ready for a lease or a mortgage. Make a budget and determine how much you can afford to spend on a home while still maintaining a quality of life (dining out, vacations, entertainment, and savings).
What is the mortgage process?
Gather your paperwork and schedule a home buyer consultation with a Tony Clark Realtor. Our Realtors can suggest lenders to help guide you through the mortgage application and closing process, explaining what you will need to provide along with your loan options and estimated costs. When you are determining your final budget, make sure you consider the other costs of homeownership, such as taxes, maintenance, insurance and home utilities.
What do you need and want from a new home?
No home is perfect, and many people have to compromise on features when buying an existing home. At the same time, you don’t want to end up settling for a house you don’t love. Prioritize your needs and wish-list items from most important to least. Size, Bedrooms/Bathrooms, Floorplan, Design, Location… these are all factors to consider. Visit neighborhoods and homes that align with your budget and needs. Along with price, the condition of the home should be of consideration.
Timing your home purchase
In today’s competitive market, your offer may not be the only one. In markets with tight supply, multiple offers and bids above asking price are common, so the pressure may be on to move quickly. Don’t worry too much, though; it’s not uncommon to lose out on a few homes before the right one comes along. Keep at it!
Finding the Right Home Takes the Right Guide
Buying a home is the single largest investment you may make in your lifetime. Having an experienced and knowledgeable Tony Clark Realtor as your guide can save you thousands of dollars. The name “Tony Clark Realtors” is synonymous with expertise in real estate since 1976. Founded by Tony Clark & his wife Carolyn, both licensed real estate professionals, the Clark’s created a company based on the Golden Rule. Honesty, Hard Work, Great Communication, SOLD Results. It is our goal to provide above and beyond service. It would be an honor to guide you home. Lets connect!