Admit it. At one point or another, you’ve probably found yourself dreaming of becoming a proud owner of a brand new house. Whether it’s a country home in Kansas City, a chic apartment in Los Angeles, or a cozy home with a spacious garden back in your hometown, having a house to call your own can be the ultimate sign of freedom and independence.
Before you take the plunge toward that lifelong dream, however, Brookfield Residential recommends taking a quick look at these factors:
This doesn’t only mean your current financial capacity to buy a new house. It also means that you need to consider your creditworthiness.
Remember that there are many hidden charges when it comes to buying a house, and the downpayment is only the tip of the iceberg — there are closing costs, title insurance, inspection fees, and so on. This is where creditworthiness may come into play. Mortgage rates often depend on how high or low your creditworthiness is. The higher your credit score is, the lower such rates will be.
Consider your future plan
Getting married anytime soon? Moving out of the country? These are just a few factors that you need to take into consideration when buying a house. Keeping your plans for the future on top of your head will help you decide what kind of home you should buy. For example, if you’re planning to get hitched soon, you might want a bigger home that’ll accommodate a growing family. If you’re planning to move, consider whether it’ll be a good financial investment to buy a home now.
Work with a professional
Buying a home is not like buying a new pair of shoes. Understand that it will take time and instead of buying the first good offer you see, do your research first. Find an agent that you can trust and feel comfortable with. Ask questions to make sure they really know their stuff — a good agent will provide you with a buyer’s market analysis. This will help you compare properties and their list price, which will ensure you’re not overpaying for a home.
Take good note of these factors and see how you can make the process easier for you.