Recent studies say that many millenials are choosing to rent their first home instead of buying. This could be because owning a house is an enormous commitment, and many would-be first time home owners just don’t feel ready to take such a big step. How can you know if you’re ready to own a home? Besides being financially prepared, there are a few other factors you may want to consider before purchasing property. Here are some of them:
1. Don’t buy if you won’t stay. If you can’t commit to living in one place for at least a few years, then perhaps owning may not be for you. You could stand to lose a lot of money with the transaction costs of buying and selling a home, even in a rising market.
2. Make sure your credit history is as clean as possible. This is important since you will most probably need to get a mortgage to buy a house. Get copies of your credit report a few months before you start shopping around for a house, make sure the facts are accurate, and fix any problems you may find.
3. Even if you can’t afford the usual 20%, you may still qualify for a loan. There are many different private and public lenders who offer low-interest mortgages that only require a small down payment to those who qualify.
4. Consider buying a home in a district with good schools. This is something you should think about even if you don’t have children or plan to have any. The reason is that when the time comes for you to sell, you will discover that many home buyers prioritize homes in strong school districts. This helps boost property values.
5. Work with a professional. Even though in this day and age, you can learn to do almost anything through the Internet, most home buyers are still better off working with an experienced real estate professional. If possible, hire an exclusive buyer agent who will have your best interests at heart and who can help you strategize during the bidding process.
If you are planning to buy a home, let The Incorvaia Team make the process as easy as possible for you. Call us at 440-879-7130 today!
