1. What is my budget
Understanding how much you can afford is the first step to consider when buying a home. Homebuyers need to also consider the additional costs besides the sales price that must also be calculated into a home’s total cost. These costs include homeowner’s association dues, ongoing maintenance, property taxes, and homeowner’s insurance. Knowing your budget and presenting your financial means when sending over an offer is crucial in order for your offer to be accepted and preapproved for a mortgage.
2. Are there additional costs or any refurbishments necessary?
When considering a purchase, you have to consider the cost of refurbishments, especially if the home is a fixer upper. A challenging aspect is actually doing cost analysis of the renovation, especially after making the down payment. Find out about any major repairs the seller has done to the home since owning and request any manufacturer warranties.
3. What’s the neighborhood like?
Be sure to learn as much about the home’s neighbors from the sellers, while having a look at the surrounding comparables, school districts, and crime rates in the town. Unsafe or frustrating irritations will become worse over time. The quality of the school districts and convenience to schools are important factors when choosing a neighborhood, especially if you have children. Even if you do not have children, a home near a good school will become more valuable overtime, which is something to consider.
For more market updates call Mina Pourang, “Better Loans Corporation’s” in-house loans and real estate expert at (949)202-7484. When you need the best, Call Mina Pourang!