FINDING THE RIGHT HOME

Many things go into picking the right home and for each buyer the list might look a little different.  Neighborhood, number of bedrooms and bathrooms, size of the home, single or multi-level, yard size, age of home, local schools, and of course price are just some of the things to consider when looking at homes.  It is smart to start with a list of things you would like and then prioritize the list of most important on down.  It is important to decide what thing you must have verses which things would be nice to have.  Making this list and having a clear picture of what you are looking for will help you narrow down possible homes even before you start the looking process.

The internet is a great tool in looking for homes that might match your criteria, using a Realtor is an important tool all home buyers should also utilize.  A Real Estate Agent can assist you in many ways and you can benefit from their knowledge and experience at no cost to you!  Local Realtors can have access to homes coming on the market before they are available to the public on the internet, they have knowledge about the community and market that can benefit you when writing an offer, they have access to local inspection companies, title companies, lenders, etc.  They can provide you legal protection on the purchase of your new home.  Realtors can schedule and assist in many of the home buying appointments saving you from having to take extra time off work.  Again all FREE of charge. 

CAN I AFFORD TO BUY A HOME NOW?

CAN I AFFORD TO BUY A HOME NOW?

HOW MUCH CAN I AFFORD?

CAN I AFFORD TO PASS UP THE LOW HOME PRICES?

Many people don’t know were to start when purchasing a new home.  Can you afford to buy a home at all?, how much can you afford?, do you have enough money for a down payment, closing costs, moving expenses, and other home bills?  With the lowered housing market, now is the perfect time to figure out what you can afford.  Below is a general guideline you can refer to.  We urge you to contact our Realtors and Lenders to help you figure out your specific situation. 

Generally, your annual gross income multiplied by 2.5 will give you an approximate amount for the price of home you can afford.  This amount will vary depending on how much of a down payment you have, your credit score, your debts, and financial situation.  All debts, including liens, child support and alimony, should not exceed 30%-40% of your gross income.

Down Payment:  Your down payment is a percentage of the purchase price of the home.  This amount can range from 3% to 20% or more if the buyer wants to lower their loan amount.  This amount will vary depending on the type of loan you qualify for. 

Closing Costs:  Closing costs are fees charged, in addition to your down payment, to purchase a home.  These fees include financing fees, title insurance, taxes, escrow items, homeowner insurance, etc.  These fees can range from 1% to 7% of the purchase price depending how the offer is written.  You will receive an estimate of these costs prior to closing.