You’ve got a solid job, saved a significant amount of money for a down payment, and your credit score is nothing to shake a stick at. You even know your debt-to-income ratio, and it’s actually good.
So, you should be ready to own your first home, right? It all depends. Here are some important questions to ask yourself.
How Much House Can I Actually Afford?
When you meet with a mortgage lender to take a comprehensive look at your finances they’ll give you a clear picture of how much home you’re qualified to buy. Although what you can technically afford as a monthly payment might be your primary focus, you should also consider how well you can manage operating expenses, like costs for insurance, property taxes, and home maintenance.
Experts at home and décor site Apartment Therapy suggest you perform a litmus test to see if you can afford these kinds of expenses in addition to your mortgage payment. You should save an extra 40 percent of your monthly mortgage payment in a savings account each month. If you can do this for several months without struggling, you just might be ready to purchase a home.
Is the House in a Desirable Location?
Location, location, location. If you’ve got your heart set on a particular home don’t just focus on the property alone, but on the surrounding area as well. Consider factors like noise—is the property located near a busy highway where you might hear beeping horns, revving engines, and screeching tires on a regular basis? Is it near a school where playground or game day noise can be heard? Are there commercial businesses very close by, and what impact might they have on your experience?
These factors can not only affect your experience as a homeowner, but your ability to rent or sell the property in the future, should you decide to move.
Am I Willing to Roll-Up My Sleeves?
Are you pretty handy? If you’ve always wanted to try your hand at do-it-yourself projects finding a house that’s a fixer-upper could be ideal and may help you get more bang for your buck, or negotiate a more favorable asking price.
Are You Buying a Home Along 30A?
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