If your New Year’s resolution for 2018 involves buying a new home, I recommend you know these three things before starting your search.
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If part of your New Year’s resolution is to buy a new home, there are three things you need to know to be prepared.
The first is to know what you can afford. This is especially important if this is your first home purchase and you’ve previously been paying rent. Many think that because they can afford a certain amount in rent, they can easily handle the cost of owning a home.
However, this isn’t really the case. If you’re putting less than 20% down on a home, you’re going to have to pay private mortgage insurance on top of your monthly payments. This can add between $200 to $250 per month on top of your principal and interest.
Additionally, don’t forget to factor in the cost of homeowners association fees, property taxes, and homeowners insurance.
The more specific you are about what you want, and what you don’t want, the more successful you will be in your home search.
For those of you who are looking to buy a second home or an investment property, now is a good time to do so. But, I highly advise you to put at least 20% down when purchasing these kinds of properties.
The second thing you must know when purchasing a home is your time frame. When do you need to make your move? If you’re buying a second home, Northern Arizona is the perfect place to purchase a summer property. And, right now is a great time to buy a summer home. There’s less competition on the market right now. So, whether you’re buying your first home or a second property, right now is a great time to start your search.
Finally, the third thing you need to know is what your deal breakers are. What are the things you absolutely do not want in a home? The more specific you are about what you want, and what you don’t want, the more successful you will be in your home search.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.