With the housing market and economy rebounding many people
are considering making the jump from renter to home owner. Is now the right time for you to consider
making a transition into your own home?
I’ll offer a few ideas for you to think about if you are considering
buying. What’s your buying power vs. renting? In other words, how does what you are accustomed
to paying for rent translate to how much house you can afford? It’s possible that you will discover that you
can buy a house similar to one you are renting with less monthly payment than
you pay in rent. Or for what you are
currently paying you can have a little nicer or larger home. This will be determined by how much down
payment you can afford to make and your credit.
Determine what you can afford. Take the time to review your credit and
finances with a good mortgage professional.
They will be able to tell you what type of mortgage you can qualify
for. This will be based on your down
payment, credit history and income. This
will help you figure out what price house you can buy. Once you know this, if you decide to look for
a house, I would recommend you go ahead and get pre-qualified for a home loan,
this makes you a much stronger buyer.
Time to shop!
You have done all you homework, gotten pre-qualified so what now? A great place to start is with your Realtor,
they can guide you through a process of finding the right area, neighborhood and
amenities in the price range you are looking for.
You have found a house, now what? You will have an opportunity to do an
inspection, take it seriously and hire a professional inspector. The inspection for a home purchase is much
more thorough than the inspection you would do when renting. You want to know everything about the home’s
condition. This includes, the structure, foundation, roof, mechanical systems,
appliances, plumbing, electrical, the list goes and is way more than just what
you can see visually.
Don’t forget to factor in the extra costs of owning
a home. Even though you may have a fixed
rate loan, your monthly payment could go up if you property taxes or home
owners insurance increase. Also, remember
that repairs are your responsibility.
You can’t call the landlord if something breaks, you are responsible for
the repair and the cost of repairs, so be sure to budget accordingly.
I’ve attempted to give you a few things to think about if
you are trying to decide if you want to continue as a renter or become a home
owner. There is a lot more involved in
the purchasing process than what I have described, if you are interested in
making the leap from renter to owner, I would be happy to consult with you and
make sure you are comfortable with the entire process. I can be reached at [email protected]
or my cell number is 972-896-8482.
Author:Gary Hutchings Phone: 972-896-8482 Dated: July 31st 2014 Views: 1,180 About Gary: My clients are my number one priority. I spend the time to understand your real
estate needs and y...
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