For many homebuyers, finding the right property to buy is often the most difficult step of the
home buying process. Often, its even more difficult than saving for a down payment or getting a mortgage. Before you start your search, you may want to consider these four important factors:
1. How much house can you afford?
Knowing what you can afford and will help you to narrow your search to only homes within your defined budget. The basic rule of thumb when doing your calculations is that no more than 28% of your gross annual income should be applied to your housing costs (mortgage, insurance, & property tax). A few tips to help you further define your search are:
Get pre-approved for a mortgage to help you define your price range
Make a list of expenses you'll have when you become a homeowner. Consider taxes, insurance, & homeowners association or condo fees
Factor in costs of maintenance and upkeep
1. What type of home do you want?
What features are required to make the ideal home for you and your family? How many bedrooms or bathrooms do I need? Do you want a pool? Do you want a detached home with a big yard or a condo with a patio and no property maintenance to worry about? On the other hand, what features are "deal killers?" Taking the time to decide what you really want in your home will help you to focus on properties that best meet your needs.
3. Location, location location!
Whether you are looking for a quiet house in the boonies or something central, near schools and/or amenities, defining the character of your ideal neighborhood will further help you to narrow your search.
4. What is your lifestyle
Your lifestyle and stage of life will greatly influence the type of home and neighborhood that appeals to you. A young single person may be more interested in a small house or condo near downtown, while a married couple with children may prefer a detached house in the suburbs, close to good schools and recreation facilities. Once you determine your priorities, you can focus your search on only the properties that match your wants and needs.
Are you ready to begin your search? Let our team help! Once you have defined your budget and your ideal home style and neighborhood, the next step is to talk to a real estate professional. The team here at New Dawn Percentage Realty is experienced and ready to assist you through your journey to becoming a homeowner. Purchasing a home is one of the biggest decisions in your life, but with an experienced professional by your side, you're sure to make the right decision. Contact us today!