5 Things To Know Before Buying A Home

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Real Estate Agent with Weichert Realtors Advantage 40226530

5 Things To Know Before Buying A Home

Buying a new home is a big decision. After all it’s one of the largest purchases you will make. So before you jump in with both feet, pause and do your research, it’s important to understand these 5 things before you start.

  1. Know your credit score. Your credit score will be the deciding factor in whether or not you get approved for a loan. Your score will also effect the terms of the loan. The better the score, the better the terms.                                                 
  2. Know Your Expenses. There are a lot of extra expenses that go into buying and owning a home. A few things to think about: How much do you need to put down? How much are closing costs? (Both these costs will fluctuate depending on how much you’re planning to spend.) How much does it cost to have a home inspected? And we’re just getting started. Have you stopped to consider how much it will cost to hire movers?                                                                     
  3. Know how much you want to spend. Even if you have a large nest egg saved for the down payment and the expenses you will incur when buying a home do you know how much of your paycheck you want to spend on your payment every month? If you have good credit banks may approve you for more than you are willing to spend.                                  
  4. Know (or at least consider) your future. If you’re a likely candidate to get transferred in the next year now may not be the time to buy a house. A rule of thumb is that you will want to stay in your home for at least two years. That should give you enough time to recoup your expenses and sell without taking a loss. There are also tax benefits to staying a minimum of two years                                                                                                                                           
  5. Know what you want. Do you want a condo, a townhome or a single family home? If you want a condo or a townhome have you thought about the association fees? Do you want a fixer upper? Is a yard important? Do you know anything about the neighborhood? Or where you want to live?

Knowing these 5 things before buying a new home will make the process much smoother and you’ll be happier and more confident in your home buying decision.

 

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Topic:
Home Buying
Location:
Minnesota Hennepin County Eden Prairie
Tags:
first time buyer
twin cities real estate
eden prairie realtor
kevin dimmel realtor
minnetonka home buyer
search homes twin cities
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Rainmaker
2,755,409
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Kevin Dimmel very good tips to know before buying a home.

Mar 18, 2019 03:51 PM #1
Rainmaker
3,237,555
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

Know that working with a Realtor who is experienced is the best way to get all these questions answered...and more information to make decisions.

Mar 18, 2019 03:56 PM #2
Rainer
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Leif Price
Spot Color Marketing - Portland, OR
Content Marketing Specialist

Knowing what you want is a point to the right direction when buying a home. Appreciate the tips.

Mar 18, 2019 06:21 PM #3
Rainmaker
2,751,873
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Yes, you always do you need to know all of your expenses pretty much ahead of time.

May 25, 2019 02:58 PM #4
Rainmaker
2,751,873
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

I absolutely agree that knowing what you want illuminates a lot of unnecessary searching, Leif Price

May 25, 2019 03:02 PM #5
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Rainmaker
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Kevin Dimmel

Buy and Sell Real Estate in Minnesota
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