Six Essential Home-Buying Factors
Are you ready to move to a new neighborhood and into a new home? These six points will help you be informed when it comes to home-buying and understand how to successfully navigate the current real estate market.
1. Ready to Change Your Status?
There’s never going to be a perfect time to buy your next home, but asking these few standard questions will gauge if you’re ready to take the next step in home-buying.
- Can you see yourself retiring here?
- Is your job stable?
- Are there major sacrifices you’ll need to make to be able to afford a new home?
2.What Can You Not “Live Without” In Your Next Home?
Get this list together and stick to it. Most people don’t purchase the exact property they initially began to search for, but you should already have an idea of amenities and upgrades you wish you had in your current property. Before you start the home-buying process, make a list of things that you can’t live without. Location, good school district and the condition of the house should be on this list. You may be willing to change your mind about home design if it means you can buy in your ideal neighborhood. This is the time when you can really dive deep into online resources to explore areas and homes that you could potentially be interested in.
3. How Much Do You Want to Spend?
Most real estate experts will recommend that you consider all costs when purchasing a home. Your investment will extend far beyond just a mortgage payment. You’ll need to make a down payment and this will depend on your current financial foundation as well as the price point of the home you are purchasing. Have you built up equity in your current home? Can you afford to buy and sell at the same time? Take time to sit down and crunch the numbers.
4. Get Your Personal Financial Documents Together
Make sure your paperwork is in order before you begin the home-buying process. Your credit history will help a lender determine how much money they want to give you. They will also look at how much equity you have in your current home as well as your total assets. Also, as when you purchased your current home, a lender will want to look at your employment history.
5. Lock In Financing Before You Start Looking
You could pay a high price if you don’t follow this important step. Being pre-qualified is most likely a must before a seller will consider your offer. Want to show your serious? Getting pre-approved will give the seller more security in your offer.
6. Pick Your Players and Positions
Establish the dream team that will help you find your perfect new home. First find a real estate agent who knows the secrets to getting you into that much-desired neighborhood. This is also the person who can help you understand the value of your current home and how to sell it in the current market.
Mission del Lago offers both appeal and convenience when considering your next home-buying venture. Download our guide to buying a home in Southside San Antonio and find out why this area is right for your family.