5 Things to Consider When Buying a Home
When you’re looking to buy a new home, make sure it’s the right one for you by considering these five points:
Home Affordability
Take a close look at your personal finances before putting out offers. A review of your monthly expenses will help you determine how much you can reasonably afford to put towards a mortgage payment and the many expenses that come with home ownership. Be sure to factor in applicable escrow expenses like property taxes, home insurance, and homeowners’ association dues.
Additionally, consider the size of the down payment you can afford and set aside money for closing costs. Although 20% isn’t a requirement, it can help you avoid costly long-term fees, such as PMI (Private Mortgage Insurance), over the life of your loan. Closing costs usually range from 3% – 6% of the loan amount.
Features & Functionality
It’s a great idea to make a list of your wants and needs before you start your home search. Include details like the number of bedrooms and bathrooms, square footage range, geographic location, number of garages, and outdoor living features. Consider the storage space available in the home and how much you require. A thorough and well-thought-out list will help to narrow your search and focus on only those homes that would be a good fit.
Location! Location! Location!
Always consider the location of the homes to the proximity of places you frequent – job, school, restaurants, grocery stores – to make sure it fits your lifestyle. Test out the routes on different days and during heavy traffic times to ensure your commute time is satisfactory.
Neighborhood
Conduct research on the neighborhood before committing to buying a home there. Take a walk around and notice the little things. Are houses and landscaping maintained to the level that you prefer? Does the neighborhood have your desired amenities, sidewalks, bike lanes, and parks?
Longevity
Your plan for the length of time you’ll stay in the home will also impact your decision on which home to buy. Be sure that the home meets your current needs or can be remodeled and altered to meet your future needs.
Our team knows how difficult it can be to find the perfect home. We will sit down together to discuss your thoughts, wants, and needs in a home as well as tour homes in your preferred location to help you decide what is right for you. We’d love to help you; call HomeSource Realty today at (828) 944-4429.