Buying your dream home doesn’t have to be an arduous task. By just following a couple of easy steps, you can assure that your home buying process goes as dreamy as your new home itself.
1. Financing
You’ve been saving up for this investment for a long time, right? And the only way to enjoy your investment is to work within your budget. You could talk to your banker for a mortgage if you’re ok with higher liquidity. Of course, this will depend on your income-debt ratio and the amount of savings you have. Then again, with enough reserves, you could also avoid closing costs by forgoing a loan altogether. Whatever you decide should enable you to look for houses within your market niche.
Remember, costs don’t end with buying. You need to consider things like building insurance, survey costs, stamp duty, monthly repayments, solicitor fees, initial furnishings, etc. You should do your homework on how much it will cost you to buy and sustain your investment. Then follow the due process of lining up your cash ready for investment.
2. Searching
Try not to settle for the first home you can afford. Choosing what to buy will depend on many factors such as location, security, tax rates, neighborhood, proximity to social amenities, and even the school district. You might have to do many visits before you settle on an offer.
Your Realtor® should present you with
market comparisons to save you time. Making use of brokers’ website
searches and saving your results will go a long way in ensuring you’re making the right choice. Not to mention, in a competitive market, it’s easy to get crazed in a bidding war.
Your agent will help you to make a formal offer once you agree on the price. Don’t forget, you’ll be required to pay earnest money to an escrow account until the deal is closed.
Do you have any advice about purchasing a home? Please leave your thoughts in the comments below. And if you have any questions about selling or buying a home in metro Albuquerque, be sure to
contact me today!
