For most people, the purchase of a home often represents their largest single financial investment. In the current market, the question of how to select the right home for one's budget takes on more importance than ever. Following these guidelines can help potential homeowners make a smart move:
Affordability: Before house hunting, potential buyers are advised to seek pre-approval for a mortgage. While pre-qualifying for a mortgage represents an amount the bank will lend the buyer, based on an assessment of their debt-to-income ratio and credit history, it does not necessarily mean that a potential buyer should borrow at that amount. It is also important to consider the other costs of homeownership, such as maintenance and repair costs, property taxes, homeowner association fees, and homeowners' insurance. Buyers should determine whether they can afford the mortgage payment, as well as these other expenses, without compromising their ability to save for retirement, education, and emergency expenses.
Location, Location, Location: This real estate mantra holds even more true today--choosing a home in the right location is a critical factor that will help the home keep its value. Determining commute times, distance to the city center, desirability of school districts, access to highways or public transportation, and proximity to features such as a waterfront or greenbelt, are all important factors to consider. The recent downturn in the market exemplified that a great location can help insulate a home from declines in value, when homes in the more remote suburbs often saw the fastest and steepest declines, as potential buyers determined that they could now afford homes in more choice locations. Even for potential homeowners without school-aged children, choosing a home in a better school district is preferable, as improves the home's appeal to prospective buyers when it is time to sell.
Features and Amenities: Once a potential homeowner has determined a price point they can comfortably afford and targeted some potential neighborhoods, it is time to make a wish list. A list of the buyer's desired features and amenities should include items such as: number of bedrooms and bathrooms, square footage, style of home, size of property, age of home, storage space, and desired upgrades. Having a prioritized wishlist is a useful comparison tool and helps to narrow the field of available homes. Potential buyers also need to determine their willingness and ability to complete renovations and upgrades themselves, if it allows them to purchase a home at a lower price point.
When a prospective homeowner finds a home that satisfies their price point, desired location, and their wish list, it is time to make an offer! Homeowners should also have an inspection completed to insure that the home is in good repair and to avoid unpleasant surprises. By following these tips, potential บ้านมือสอง ราคาถูก homeowners will be able to find a home that best fits their budget and their needs.
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