1. Do you have the right income and credit score?
One of the most challenging questions is: Do I make enough money to buy a house and is my credit good enough? Being a homeowner is still one of the best financial decisions you will make, but making sure you can prove your income and you have a good credit history is what will make that decision possible. We recommend starting with your mortgage lender or financial institution and asking that very question; do I make enough money to buy a house and is my credit good enough? Once you have those answers, then you will know whether you should buy now, or later.
2. How long do you plan on staying in the home?
The investment of a home is something that takes proper planning and consideration, and can be one of the best money decisions you make. The decision to purchase a home is so much more important than investing your money in a 401K. A home purchase will appreciate over time and if you plan to stay in the home for two years or less, you might not see as great a return on your investment as you would if you lived there for three years or more. Now this does not mean that buying is not for you, it just means that you are less likely to see the same return as someone who would live there longer.
3. Are you selling a home to buy a home?
If you are planning to sell a home before you purchase a new home, we have real estate professionals that would be able to give you the current market standings in order to sell at the best market price. If you do not have a home to sell, now is a great time to purchase a new home. The process to purchase a home through mortgage lenders has become increasingly more stringent, but is still one of the most available processes if you have the steady income and good credit score. Since our inventories are higher than they have ever been, now is a great time to contact one of our real estate professionals to assist you in purchasing your new home.
4. I am a renter, how do I know if I can afford to buy?
For a renter, this can be a bit tedious, but calling on one of our real estate professionals will allow you to understand the financial obligations of owning a home a little better. We will guide you through the incentives and financial considerations, so that you have all the best information needed to make a sound decision.