Becoming a homeowner does not happen overnight. It is one of the largest purchases most people make in their lifetime and as a buyer you will receive endless advice from family and friends. If you have already expressed an interest in buying a home you have already taken the first step. There are a few questions you should know the answer to before beginning the home buying process. Evaluating factors in the current market and in your current personal situation will help you make an informed decision.
Why am I buying a home?
This may seem like an obvious question, but it is one of the most important ones. Are you buying because you want a place to raise a family? Do you need more space? A space that you are in control of? Make a list of the benefits you will gain from buying a home, and not just the financial benefits.The emotional and personal benefits of buying a home are very crucial to your decision.
What are homes worth today and where are home values headed?
After considering the personal and emotional benefits to home buying you need to delve into the financial side of the process. There are many resources available to home buyers that will give average projections of the markets. Ask your Realtor and check out online real estate market journals to find indications on what’s to come in the housing market.
What can you reasonably afford?
In order to figure this out you need to take a calculated inventory of your income, expenses, assets, savings, and debts. After you have this laid out it is best to sit down with a financial adviser and find out what price range is reasonable for you situation. You don;t want to find the perfect home only to discover it’s out of your price range. It is best to know this before delving into the search to deep. Along with this, don’t only consider the listed price of the home, but how much it may cost in the long term. Mortgage rates have gone from one extreme to the other in years past. Before going into the home search learn about where interest rates are now and where they might be headed to understand what you really will be paying for a home.
If you can answer all these questions you are most likely ready to start your home buying search!
Never be afraid to ask your Realtor too many questions. Only you and your family can make the final decision to purchase a home, but it is best to make the decision in the most prepared and informed way possible. Contact the GreatFloridaHomes team if you want us to help answer any of your home buying questions!
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