Buying a home is a major undertaking.
If you’re thinking of buying a home, it’s essential to take the time to consider your motivations for buying a home and determine whether you are really ready to enter the market. The Victoria Carter Homebuyer Guide will help you every step of the way.
HOMEBUYER GUIDE BY VICTORIA CARTER
Step One: Deciding to Buy a Home
What are your personal reasons for moving or buying a new home? Do you need a larger home to accommodate a growing family? Is a shorter commute to work important to you? Are you emotionally attached to your present home, and will it be painful to leave? Being mentally and emotionally prepared is the first step toward a well-conceived and well-executed move to a new home.
Do You Feel Pressure to Move Now? Do you feel that you’ll be priced out by a rising market if you don’t buy now? Or are you afraid you’ll miss bargains in a troubled market? Review our tips for how to Research Markets to help you decide how to proceed:
How Long Do You Expect to Own Your New Home? Buying or selling a home is an expensive and involved process. Closing costs alone can amount to 4-8% of the sale price – for both buyer and seller, making a home purchase financially unattractive unless you plan to own the property for several years. Remember that you’ll face another round of closing costs when you sell, so your house will have to appreciate 8-12% just for you to break even.
Do you have enough cash to fund the down payment and closing expenses? Can you comfortably afford the mortgage payments as well as taxes and insurance? Do you have any credit problems? Review our Affordability Guidelines to help you get the answers.