Now is a great time to consider buying a home in the Philadelphia. Whether youre relocating, purchasing a vacation house or looking to become a homeowner for the first time, there are certain things you need to do before you even begin to look for a new home. Doing your homework before plunging into the house hunt can save you valuable time and energy.
- Set a time-frame. When do you want to move? When do you want to start looking for homes? If you are renting, when does your current lease expire? How long will it take you to save for a down-payment? It takes about 60-90 days to find a home and prepare for settlement.
- Get preapproved for a mortgage. Talk to the mortgage lender down-payment requirements, closing cost, and figure out an affordable monthly payment. Keep in mind that low down-payment options may be available and we can often negotiate for the seller to pay some or most of your closing cost.
- Determine what you can afford to spend. This may seem obvious, but its a step that can lead to disaster if overlooked, causing you to waste time with homes you cant afford, or sparking arguments with family members about what your budget looks like. Before you begin looking, sit down with all parties involved and set a realistic price range, including the amount of money you can afford to put down.
- Make a list of wants and needs. What type of neighborhood do you have in mind? How many bedrooms do you need? How many bathrooms do you need? How many do you want? Do you need a modern kitchen? Make a detailed list of the absolute necessities versus things you simply want. While both wants and needs are important, knowing the difference will help guide you in your decision making process. It is important to plan and talk about important details in advance. This will enable you to weed out any possible homes that dont meet your criteria.
- Keep your credit in mind. There is nothing more heartbreaking than finding your dream home only to have the bank refuse to give you a loan due to credit. If your credit isnt where it needs to be, spend a few months building it up before you begin hunting. If your credit has really fallen, it can take up to two years to build it back up again. This is something you want to know before you begin searching for a new home.
Whether you are buying or selling a home, George Maynes will always work in your best interest while helping to make your real estate transactions as stress free as possible.
George Maynes and his team are excited to assist you in all of your real estate transactions. Please contact George Maynes for a FREE (no obligation) consultation if you plan to buy and/or sell a home. We will provide you with reliable advice so you can make informed decisions.
Prudential Fox & Roach, REALTORS®
2451 Fairmount Avenue, Philadelphia, PA 19130