When Purchasing A New Home
Before you purchase a new home, there are some things that you should consider. So you’re looking to buy for the first time or maybe it’s time to move on from your starter home? Well before you jump headlong into this commitment, let’s talk about a few things. Two of the most important things you should consider before purchasing a house is location and budget.
There’s that old saying about moving, “Location, location, location.” And it’s true—where you purchase that new home could have a tremendous impact on your quality of life. Sure you can afford more bedrooms and that spacious backyard that you have your eye on in the next town over, but the cost of your commute to work may not be worth it. Take the time to sit down and look at a location from every angle. Where the house is located is almost as important as the house itself. Sure, the house might be perfect for you, but if your quality of life takes a big hit because of a long commute then it’s probably not worth your sanity. Where are the nearest schools, parks, shopping centers? Is there a noisy highway next-door? These factors will be different for everyone, so make sure you know what is important to you before you go looking for a home.
Another critical part of home buying is to take careful stock of your financial situation. Even if you are at the top of your game with a lot of disposable income, you should always create a budget—and make sure you stick to it—when it comes to purchasing a home. Experts recommend carrying a debt load, including a mortgage, that is no more than thirty-six to forty percent of your monthly income. Getting pre-approved with a lender will give you an idea of your home price range based on that debt-to-income ratio. While it might be tempting to begin your home shopping at the top of that price range, it’s better to start at the bottom. That way, if you discover there are some non-negotiables in your shopping, such as a garage or a bonus room, you still have room in your budget to move up. If you are looking for qualified lender in Colorado, contact the Eibner team today and let us tell you about the people we’ve worked with in the past. Need help looking for your new/next home? Give Mark a call today.