Homebuyers often have to be practical when budgeting for their big purchases. Many different expenses must be factored in before any home is purchased. Here are the high costs to think about when budgeting for a new home:
Down payment: Ideally, your down payment should be no more than three percent of the total cost of the home you wish to buy. Most traditional mortgages aimed at first-time homebuyers with good credit allow as low as three percent down. However, real estate agents may charge up to fifteen percent or even higher if they find homes for sale in your local market and can negotiate terms that include financing. To avoid surprises, visit our site and be sure to shop around and ask lots of questions.
Closet space: If you plan to live in the home for its entirety, you should budget for an extra closet filled with items for your daily tasks. Closets are sometimes available from real estate agents when you purchase homes for sale. Or you could empty your closet and hire a decorator to customize a closet space suited to your lifestyle. Many homeowners have chosen to empty their closets and install large walk-in closets for ease-of-use and storage.
Dining room: Before you think of getting a new dining room table or set of chairs, consider how much square footage you will have to cover with furniture and dining room table space. Many buyers are not planning to furnish their home with new furnishings right away, so a home buyers’ guide will be your best source of ideas. Look up name reviews and visit home depots to get a feel for styles and prices. Visit a home depot to see samples of styles and check out the quality of wood and metal pieces you’re considering.
Home features: Many homes for sale feature attractive floors, windows, kitchen cabinets, flooring, countertops, bathrooms, and more. Think about your expected budget and list home features according to it. If you’re looking for a new kitchen, for example, look at what kinds of cabinets are available, how many are under warranty, and how many can be customized. Do you need a new bathroom? How expensive is the plumbing? Once you have decided on the basics, read a few real estate agents’ reviews of home features and then get price quotes from several builders.
Credit Score: Purchasing a home often requires a down payment. If you have a low credit score, you may need to find a real estate agent who specializes in high-risk loans. Or, you might try working with a mortgage broker who has connections with some lenders. Most real estate agents will want to see your credit score, so you’ll need to get one in order to qualify for a loan. If you don’t have a credit score that’s excellent, ask your real estate agent to pull a copy of it before the meeting.
Housing Market: With all of the homes for sale in the Phoenix area, it’s important that you take a holistic approach to this task. Not only are you interested in homes for sale, but you’re also interested in local homes for sale, commercial properties, and the overall housing market. If you visit the city of Phoenix while it is undergoing an economic boom, you should check out homes for sale in Maricopa and surrounding areas. This will help give you an idea of how many homes would be for sale during a slow time frame. This same philosophy should apply if you visit the Las Vegas area during a housing market slowdown.
Open Floor Plan: One thing to consider with home buyers is how large their homes are. While they do getty images of perfect neighborhoods, if you don’t get a sense of how big the properties are, you could miss out on an opportunity. Instead of looking at each house and its size, try to get a feel for the neighborhood through some open floor plan drawings. You can find several different companies online that offer these services so you can get an idea of how large the properties you’re viewing are.