Determine Your Price Range
You need to know what you can afford, and determine if you will qualify for a home loan before you begin house hunting. It doesn’t help to look at $800,000 homes, and find one you love, only to later determine that you qualify for a home loan to get you a $700,000 home.
Another factor to consider is ‘what can you afford?’ What level of home mortgage are you comfortable paying each month? You may qualify for a home loan that would put you in a great house with a monthly payment of $ 9,000. You need to determine with your lender and your Realtor, what type of home mortgage you qualify for, and what you willing to pay on a monthly mortgage?
Consider your lifestyle and changes you are willing to make if you are buying a home. Real Estate is a wonderful long-term rewarding investment. No generation has ever paid less for Real Estate than their parents when it comes to buying a home. The Real Estate market has had many ups and downs throughout the generations, but constant growth in real estate has spanned over all the market fluctuations and dips or dives. Get yourself into a home mortgage you are comfortable with for the life of the loan and your Real Estate investment will grow. Buying a home can transfer into other investments as well. Talk to your Realtor about future benefits of buying a home such as 1031 exchanges or future rental property.
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