Even though it’s exciting to look for a new home, the process creates its share of stresses. Here are the four things to keep in mind if you are looking for a new place to call home:
Create a list of priorities
Just like the Rolling Stones sing, “can’t always get what you want,” you will want to be certain to have a solid priority list in order of what is most important and try to get at least the leading things on the list in one place. Unless you’re the luckiest person on Earth or have an unrestricted budget to construct everything to your precise specifications, you eventually will need to give up something on the list, yet you will want it to be an item of lower priority. Are you more concerned with location? A private backyard? Square footage? You might need to forgo something to gain another, but it is simpler to be more focused when you know what is non-negotiable.
Think ahead
How long will you plan on remaining in this home? If you’re newly married or single, you might be okay with a smaller starter place that you’re prepared to sell in a couple of years to invest in something larger as life changes; however, if you’re planning to work from home soon or expand your family, be certain you factor in the space needed so that you will not outgrow the space too fast.
Stick with the budget
When doing a mortgage comparison, the budget question obviously is completely different for each person shopping for a house, so there really isn’t a magic number for this category. One standard goal includes trying to keep your mortgage payment at about 25 percent of your overall household month-to-month income, yet if you’re residing in a larger city that has high housing prices, you probably will need to increase your budget. Just be certain that you have looked at your total month-to-month budget to check what you actually can afford, then browse only properties within that price range.
Determine if you want a renovation or move-in ready home
Purchasing a home that you plan on fully redoing is different from buying something you’re able to just move right into, and many folks know what category they lean towards. If have an idea what road you want to take, it helps to narrow your search. Also, this decision plays into pricing because if you choose to do a renovation, you do not want to look at homes that already are at the top of your budget—you will have no funds to renovate with!
For more information on applying for mortgages in the process of getting a new home consult one of our loan officers with Mortgage Investors Group at 865-770-3099. We will help you choose the right loan for you!
