Buying a Home: Things to Keep in Mind.
Purchasing a home is for most of us the biggest financial decision we will ever make. Whether this is your first purchase or you are an experienced buyer, this decision must be made carefully.
Why do you want to buy?
Are you tired of paying rent? Have your kids left for college and you have outgrown your current home? Are you looking for an investment? Would you like a larger yard? Would you rather live in a different area? Do you want to shorten your commute? A clear sense of your “why” for buying will help you choose the right property.
Has Your Income Grown?
Property ownership is an excellent investment. Whether you are looking for your dream home, a rental property, or to expand your investment portfolio, owning real estate is one of the best ways to build wealth.
Build Your Financial File.
Before you start shopping for your property, it is a good idea to take stock of your finances by compiling a financial file. A financial file contains all your important financial documents. You will need it to secure a mortgage for a property. The typical financial file should contain things like: financial statements, bank accounts, investments, credit statements, two years of tax returns, recent pay stubs, 401K statements, life insurance, stocks, bonds, and mutual account information.
Check Your Credit Rating.
Your credit score will have a huge impact on what type of property you can buy, and at what price. It is first recommended to check your credit rating with an experienced lending institution so that we can determine what you can afford. The lender will research your credit ratings from the three credit reporting agencies Equifax, Experian and Trans Union. I will be happy to recommend experienced, knowledgeable lenders in the residential, construction, and commercial and investment real estate fields.
Be Careful With Your Finances.
Now is not a good time to make sudden career changes or large purchases. You want to approach your property purchase from a position of financial stability.
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It would be an honor to be your REALTOR. Want to explore working together? Call or email me anytime and we’ll get together to set you on the path to home ownership.