Preparing for Homeownership - 6 Things You Should Consider
Posted by Oakridge Real Estate on Friday, May 5th, 2023 at 8:00am.
Preparing for Homeownership - 6 Things You Should Consider
If your goal is to become a homeowner this year the process to finding "the" home can be overwhelming. In today's blog post we are sharing six helpful tips when it comes to buying a home. Before you begin your home search, we recommend crossing these tasks off your to-do list:
- Contact an Oakridge REALTOR®. A Realtor will do more than show you a home. As a buyer in today's market a Realtor is essential to writing a strong offer, and getting connected with local lender. You Realtor will also assist in walking you through negotiations, inspection, getting connected with local vendors and walking you through the home buying process!
- Connect with a Local Lender for Pre Approval & Financing. Most people can afford a home equal in value to between two and three times their gross income. If you are looking for an online mortgage calculator, we recommend using Calculator Soup. Pro tip: Work with a local lender! Local lenders will be able to work with you on an individual basis and set up a game plan that would be best for your situation and goals to determine what you can be pre approved for, what debt might needs to be paid off, the type of loan that is best for you and more!
- Create your home wish list. Then prioritize the wants, needs, and negotiables on your list. Not sure how to determine the difference in these? Check out this blog post we have all about balancing wants and needs when buying a home.
- Choose where you want to live. Organize a list of three or four neighborhoods you’d like to live in. Make sure to take into account schools, recreational facilities, area expansion plans, safety, and taxes of each town or neighborhood.
- Saving. Starting saving for home maintenance/projects and a potential down payment. Did you know you are NOT required to put down 20% on a home!? This is TRUE and a MAJOR myth when it comes to home buying. The downpayment is all based on the type of loan you and have and your specific situation. This is why it is so important to get connected with a local lender before starting your home buying process.
- Calculate the costs of homeownership.This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable.
Source: RealtorMag, Realtor.org
Check out our other blog posts below for additional buying education!
