WHAT TO CONSIDER BEFORE BUYING YOUR DREAM HOME -- PART 1

WHAT BUYERS ARE THINKING BEFORE BUYING

 By Stephanie Woods

Here at the Stephanie Woods Team we would like to share some ideas a buyer should consider before buying your dream home. In this 4 part series our hope is to help your home buying experience become an educated and exciting one!

When to invest in a house, how do you know when you're ready to own a home?

Home ownership means you no longer pay monthly rent for the roof over your head. You can do what you want with your house (within reason). When you leave, you can sell it to recoup the purchase price and earn a profit too.

So before going any further, consider whether your lifestyle and finances make home buying a smart move.

1.   IS NOW A GOOD TIME TO BUY--Buying a house is likely to be the largest and/or most important investment you will ever make. Getting the timing right can help you save money and hassle. The busiest time in the real estate calendar is spring, and this can mean a lot of new properties are put on the market. There are other good times of the year to buy, and you may need to think about when the best time is for you personally. Sometimes it is wise to catch a great house when you find it, but at other times it pays to be patient.

                                                                            

2         2.  WHAT FINANCING OPTIONS ARE AVAILABLE-- Before house hunting, get pre-approved.

Getting pre-approved will you save yourself the grief of looking at houses you can't afford and put you in a better position to make a serious offer when you do find the right house. Not to be confused with pre-qualification, which is based on a cursory review of your finances, pre-approval from a lender is based on your actual income, debt and credit history. Choose carefully between points and rate.

When picking a mortgage, you usually have the option of paying additional points -- a portion of the interest that you pay at closing -- in exchange for a lower interest rate. If you stay in the house for a long time -- say three to five years or more -- it's usually a better deal to take the points. The lower interest rate will save you more in the long run.

                                                                             

3       3.  WHAT AREAS SHOULD I CONSIDER--Don't buy if you can't stay put. If you can't commit to remaining in one place for at least a few years, then owning is probably not for you, at least not yet. With the transaction costs of buying and selling a home, you may end up losing money if you sell any sooner - even in a rising market. When prices are falling, it's an even worse proposition.

                                                                             

Here at The Stephanie Woods Team we would love to help you buy your dream home! Call us at 928-237-4455 and one of our qualified licensed agents will happily show you some spectacular properties!

Interested in selling your home? List with The Stephanie Woods Team! We will come to your home and give a free consultation on your property! Call 928-237-4435 and we will set up an appointment that is convenient for you!

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