Nobody was looking forward to the downfall of the Palm Beach real estate market but it did have some positive repercussions, like forcing lenders to take a closer look at the people they lend to. This is only one of several old rules that are becoming standards once again, rules that potential homebuyers should take into consideration when exploring the current crop of Palm Beach homes for sale.
Apply your savings towards the down payment intelligently. Obviously you don’t want to spend the money to be used for unforeseen emergencies but a larger down payment will earn you better equity in the long run.
Don't borrow beyond your means. Lenders may approve you for a hefty mortgage but that doesn’t necessarily mean you’ll be able to make the monthly payments. Always take into account your other regular expenditures.
Go into it for the long haul. With the arguable exception of flippers, there's no really no way of making a quick buck in Palm Beach real estate. If you’re going to purchase a home, buy it with the intention of living/keeping it for a good amount of time, the market is still in an indecisive state.
Comments(0)