You have done it; you have saved the money, raised the credit score, and have prepared yourself to purchase a new home. But where do you start? To follow up on our last article, Top Five Mistakes Most Home Buyers Make, we thought we’d share five things every home buyer should know to assure your new abode is everything you dream of.
1. How long you're planning on living in the home
As you’re searching for a new home to purchase, you should have a relative idea of how long you’re planning on living in the home you buy. If you’re planning on moving in just a couple years, it might make more sense to rent rather than buy. Long term, the value of real estate investments is very solid, but this market has spread things out a bit longer.
2. What type of neighborhood you want to live in
Knowing the type of neighborhood you want to live in is very important, and all home buyers should spend time thinking about this aspect before they purchase a new home. Don’t just focus on the price of a new home, make sure that your future home is located in a neighborhood where the home’s value will rise. Determining a neighborhood fit also means schools for your children, and proximity to things like work and family.
3. It's worth it to work with a true mortgage professional
Real estate and mortgage professionals are just that: trained professionals. They know the ends and outs of the home buying business and can lead you down the best path for you. Working with a profession will help assure you have a smooth home buying process, and don’t miss any necessary steps.
4. Tax information on a home you're looking to buy
Along with your new home come taxes. You do not want to be surprised by your tax bills after you have already purchased a home, so be sure you inquire about taxes before signing on the dotted line.
5. How much your mortgage payment will be
Knowing ahead of time what your estimated mortgage payments will be will help you budget as efficiently as possible for your new home. You can use Washington Federal’s Mortgage Calculator to help you get started.
Buying a home is likely one of the biggest purchases you will make in life. You want the best home to fit your lifestyle. If you in the market for a new home in the area, take a look at our Real Estate Owned database to start your search.