Hello everyone, hope that you are all having a good start to 2014. To bad that the cold weather had to return but it is only February.
So i am just going to give you a couple tips on what you need to have prepared before you decide that you are going to buy a home.
First and for most you need to do your research, arm yourself with as much knowledge and information as you can get, keep in close contact with a good realtor as well as a lawyer. Get to your bank and find out what your credit score is, knowing how much you are approved for will help get the process going. Also knowing will let you only look in your price range and not out of it, you don’t want to get into a mortgage that you are not financially comfortable with.
You will need to save for a down payment as well as closing costs most banks and mortgage brokers will want you to have 5% to 20% just to get started. Your closing costs could run you anywhere between $800-$2000 and up. your closing cost will be paying a lawyer for title transfers as well as taxes on the property, make sure that you have extra money set aside for your utility hook ups as well(heat, electricity,cable,insurance) some of the companies will charge you for hook up some will not.
Try to set aside money every month for any repairs that might happen. A good rule of thumb: on average you'll spend 2.5 percent to 3 percent of your home's value annually on upkeep, repairs and maintenance, If you're buying a $250,000 home, aim to bank $520 to $625 per month.
If you're buying today for yourself and your family, you want a home that will make you happy for the next few years.Gone are the days when you could count on a quick sale. And depending on how much you put down, and how much you have to shell out to sell and relocate, short-term ownership can be a pretty expensive proposition.
If you have any questions or concerns or just want some advice please don’t hesitate to give Christina Reid a call.