Top Factors To Consider Before You Buy A Home

   
     Whether you are a first-time home buyer entering the market or a seasoned homeowner jumping into the market yet again, there are a few factors that NEED to be considered before you put your signature down.

Financial Status

     First and foremost you need to be fully aware of your financial status, because knowing your financial boundaries is key. If you need a mortgage then it is best to contact a mortgage representative as soon as your ready to begin your home search. The mortgage representative will go over your finances and come up with a price range that you will be able to afford. If you do not need a mortgage or would like to begin figuring what your financial status is on your own, then here is a list of considerations for determining your affordability; Cash available for downpayment, your monthly income, your current debt, and your monthly expenses. Also, your credit score is a key role in your ability to obtain a mortgage as well as a determining factor in what your mortgage rate will be. Better credit means lower rates, so if you have any issues on your credit history be sure to resolve them before you apply for a loan.

Real Estate Agent
     Not everyone will utilize a real estate agent, however I would highly recommend it. From negotiating to utilizing the best vendors, real estate agents can help for a smoother process with less stress and a more beneficial outcome for you. Also, as a buyer you will not be covering any of the commission costs towards the agent because the seller is responsible for that. There are countless reasons to use an agent BUT you need to be very carful to pick the right agent for the job. There are bad apples in every bunch so you need to do your research; search online, ask family and friends for recommendations, and do not be hesitant to interview a few different agents before you make your choice. The agent will be working with you throughout the entire home buying process, so make sure you choose an agent that you can get along with. Also, make sure the agent you choose is familiar with and knowledgeable in the area you are searching.

Location
     Once you have chosen the town or city you will be moving into, the next step is figuring out what part of that town or city is most suitable for you. Make some time to drive through different neighborhoods during all different times of the day and week in order to get a feel for all the areas. Keep an eye out for factors such as traffic patterns, noise levels, and social behaviors. If you happen to see some of the locals outside do not be afraid to stop by and ask their opinion on the area as they would know best.

Utility Costs
     Utilities can really add up for a home and you need to know every expense that you will be incurring to make sure you do not get stuck in an unfavorable situation. Question the seller not only on the amount of yearly expenses but on their frequency of use as well. Not every person lives the same way; the current seller could say that the utilities are low, but the reason for that could be that the seller does not make much use of the utilities. If low utility costs are a main focus of yours then you may want to search for homes with updated, high efficiency appliances.

Resale Value
     The resale value of the home is typically something that is overseen by the buyer, however it is definitly one of the most important aspects of a home purchase. A home is typically the largest purchase you will ever make, therefore you need to make sure you are making a sound investment. Do as much research as you can to develop an estimated future value.