Thoughts for the New Home Buyer
Homeownership has become a reality for more and more Americans yet there are still some that do not realize homeownership can be theirs. A home is not simply an asset but a place to live and raise your children. And, of course it is an investment.
Knowledge is key to when you start looking for a home. The following questions and answers will help you to begin this process:If you can answer yes to the following questions, you should be ready to start looking to buy a home.
• Do you know your credit score?
• Have you been employed on a regular basis for the past 2-3 years?
• Is your income reliable?
• Do you pay your bills on time?
• Do you have money saved for a down payment?
• Do you qualify for a monthly mortgage payment, plus any additional costs, such as Taxes, Insurance and HOA Fee’s?
- How do I begin the process of buying a home?
Start by thinking about your situation. Are you ready to buy a home? How much can you afford for a monthly mortgage payment? How much space do you need? What areas of town would you like to live in? Once you have answered these questions, start by making a “To Do” list and doing some causal research.
- Determine your housing needs before
your begin your search.
Make a list of the priorities, such as size, location, bedrooms, and bathrooms. Do you want it close to your children's schools, or to your job? What type of house are you looking for: e.g. Ranch, two story, Townhouse? Make some requirements the home must have and think of things that you would like but are not essential.
- Have questions ready when you are looking at homes.
How old is the carpet? When was the roof last replaced? Is the outside of the house painted or with siding? Is there an air conditioner? How old are the appliances? When was the heating and air conditioner last serviced? HUD provides a scorecard that you can print off and take to each home you are looking at: http://www.hud.gov/buying/checklist.pdf