Your lender will look at your income, credit scores, revolving debts, obligations such as child support as well as the type of loan you choose. Other factors that impact how much home you can buy is the down payment; smaller down payments mean higher monthly payments. Last, the interest rate and terms (30-year, fixed or adjustable rate) will determine what you can afford in monthly payments.
Decide where you want to live and how many bedrooms and baths you’ll need.
Condominiums offer shared amenities, with little responsibility. Single-family homes offer more space and privacy, but much more exterior and yard maintenance. You'll need to consider what features are essential, important, neutral to you and not so important. Read my blog 'Describe Your Dream Home'
Your real estate professional should be expert in the area where you want to live and familiar with the type of home you want to buy. Your agent has house-by-house experience in your neighborhood and can offer the best advice on homes in your range.
No home is perfect, so don’t let minor flaws influence you. Think long-term and evaluate the 'why'; why are you investing in real estate?
Which home best suits the activities and needs of your household now and in the years ahead? Don’t buy more than you need or can comfortably afford. Read my blog on Property Investment
for more guidance.
Your offer depends on the current market. If a home has been on the market a long time, you can ask the seller for a price reduction, but if it’s new on the market, the seller is unlikely to accept a low offer. Ask your real estate professional for advice and read my blog on the Factors that Affect Property Value
A home inspection is a professional third-party opinion of the home’s condition. The inspector will point out the age of systems, and large and small repairs that are needed, so you’ll know what you’re facing as the next owner.
The bank appraisal determines market value. If the home doesn’t appraise for the purchase price, the bank may refuse to make the loan.
Once final negotiations are complete and all paperwork is signed by both parties, you move towards the exciting bit, closing the transaction. The lender pays the seller, and once all the disbursements have been made, you get the keys to your new home, according to your agreement.
Congratulations! You’re ready to move into your new home.