Buying a home is a major purchase, and for most people it is the single largest one that they will ever make during their lifetime. It’s a decision that should be considered carefully and before signing an offer to purchase, there are a number of questions buyers should ask before buying a home.
Types of Questions Buyers Should Ask Before Buying a Home
1. How is my credit?
It’s a good idea to order copies of your credit reports before you start looking for a home. If there are any errors, write to the credit reporting agencies and ask them to correct them. If your credit score is less than spectacular, you may want to take steps to improve it by getting your payment record on track, refraining from applying for any new credit or buying any big ticket items in the months leading up to your home purchase. These can all make it easier for you to qualify for financing when you want to buy a house and get a better mortgage rate.
2. Can I afford to make a mortgage payment and still save for other things?
You don’t want to be in a position where your mortgage payment puts such a strain on your budget that you don’t have any money left to put toward an emergency fund or retirement savings.
3. Have I taken into account the costs of running a home in my budget?
Once you move into the house, you will be responsible for expenses like maintenance, repairs and property taxes. Make sure that you have included these costs in your plans to own your own home.
4.How secure do you feel in your job? How about your prospects for finding alternate employment?
Look at how long you have been in your current job and check out what is going at your workplace. Is your company growing, treading water or laying off people? Are you working in a field where you feel your prospects for finding another job are reasonably good in the same geographic area, or would have to relocate? It’s much easier to pull up stakes and move if you don’t have to deal with selling a home as part of the deal.
When you are in the market for a home in Bayview Hill, why not work with the best? Contact Daniel and Bonnie – the right Wans – today!