Getting ready to buy a house can be a scary thing. Here are six ways finding your dream home is less scary:
- Plan to stay put for the next 5 years. It pays to be stable. Purchasing a house is a no-brainer as a long-term investment.
- Factor in the tax break. With deductions, a $3,000 mortgage payment could be reduced to $2,000 after taxes.
- Do the reseach. Zillow, redfin, and other real estate sites give you a sense of the market. But if you really want to find the best deals, the agents here at Sheltr Group such as Patricia Hodson, Jodi Rubin, or Kevin and Jovana Keyser can help you out!
- Rate your needs. You want an easy commute, great schools, but cannot be a modern building. Make a short list of must-haves and not-haves, and stick to it.
- Make a 20% downpayment. It sounds like a bit much, but any amount less than that means you will need mortgage insurance, which runs an extra $200 – $300 per month. Over time, that adds up to more than if you would have saved and scrounged for the original chunk!
- Learn your limits. Every last one of them. Principle, interest, taxes and insurance–should not exceed 45-50% of your income.
Find the perfect place can be hard, stressful and full of bumps. Knowing what you want, and how you want it before going into the deal making process will help alleviate the unknown of what lies ahead. If you have any questions, or are interested in the first step, give us a call at (310)-888-2422.