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Consideration When Buying
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| Copyright © 2006
Mckee's Web Design Last modified: 1/07/2010 |
"Home is an invention on which no one has yet
improved."
- Ann Douglas
In the excitement of beginning a search for a home, many people jump right in
without considering all of the elements that make a home truly right for them.
It is a complicated and personal process. An unsuitable choice can be costly in
many ways - you could lose money, waste time and effort relocating, or even put
your family's health in danger. The following are some things to consider when
identifying your ideal home and planning a successful purchase.
Choosing a Neighborhood
Remember that you can renovate a house but neighborhoods take years to change
and there's no guarantee they'll change for the better! On the other hand, if
you really love a certain part of town but it's out of your price range you may
want to consider buying a less-than-perfect home then doing renovations. They
can be quite expensive so try to make improvements that will be reflected in the
value when you sell. These renovations have been found to have the greatest
payback: kitchen 70%, bathroom 68%, interior painting 65%, exterior painting
62%.
Tips on choosing a suitable neighborhood:
Figure out what you can afford:
Consider how much you currently need to live on and how much you actually have
leftover every month. People have a tendency to create budgets that look nothing
like reality - when we should have $400 left over, for some reason we only have
half that.
Consider these basic costs of buying a new home:
Most homes require a down payment of several thousand dollars.
Financing
The sort of home you can afford depends on several things:
How much you have saved
How much you earn
The past has a way of haunting new homebuyers.
If you are concerned about your credit rating you can usually get a free copy of
your rating report from your local credit bureau. Normally all that's required
is a couple pieces of photo identification. Remember, a few late payments or
disputed bills can besmirch your record. Try to pay everything on time and don't
have more than two credit cards. A bad rating can spell trouble getting a
mortgage or you end up paying more for your mortgage as a form of insurance to
the lender.
Pre-Qualification
This refers to documents from a bank or other lender indicating that you have
the financing to back up your offer on a house. Pre-qualification is free and
most lenders are happy to sit down with prospective buyers and figure how much
they can afford. Having an accurate idea of price range will save time in the
bidding process. If there are several people making offers on your dream home,
being pre-qualified can make your offer more attractive since financing is not
in question. It is important to note, however, that lending institutions will
base their final decision about a mortgage on ability of the buyer to service
the debt as well as the property. Most lenders state that the two components go
hand in hand - the buyer with the ability to repay a mortgage and the property
as security in the event of default on payment.
By taking all these points into consideration, you can worry less about the
process of buying and get busy finding your ideal home!
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Copyright 2005 Sutton Group Financial Services Ltd.
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