Becoming a homeowner brings with it a heap of responsibilities and challenges. You may already have a good idea of what you feel makes a home, but it’s also important to know when it is the right time to buy a house in Cincinnati or Northern Kentucky.
YOU’RE UP FOR THE JOB
First, you have to know you’re up to the task of taking care of a property of your own.
Depending on the condition of the property that you purchase, you may be required to put a lot of time, sweat, and money into getting it just the way you envision. Once everything is signed, you’ve made a solid commitment and it’s important to acknowledge that upfront.
RUN THE NUMBERS
Now that you know you’re ready to take the plunge into homeownership, you want to get all of your financial ducks in a row before you buy a house in Cincinnati or Northern Kentucky. There are two big things to consider here: budget and credit. You want to make a detailed budget to determine your manageable amount of monthly savings and to see what you can afford. At the same time, paying off or at least paying down existing debts and getting your credit report will help a lot.
You can get a free credit report annually from the major credit rating agencies, and now would be the time to do so. It’s imperative that you comb through your credit report to see any factors that could be negatively impacting your credit score, and try to correct them before applying for a mortgage.
By cleaning up your credit history and having a higher credit score, you have a better chance at getting a more favorable interest rate. Cleaning up your credit could even be the difference that gets your mortgage application approved.
READY TO STOP RENTING
Sometimes, knowing the right time to buy a house in Cincinnati or Northern Kentucky simply comes down to being ready to stop being a renter.
If you’re tired of paying rent and following someone else’s rules, it may be a good time to look at purchasing your own home. You may want to change flooring or decorate the walls without having to get permission, have a yard that you can landscape, or even have pets.
From experience, I have noticed that many people have began to wait longer to take the leap from renting to being a homeowner. It is important that when you buy a home you are completely ready to take on the extra work and financial responsibilities. In return, you will have your very own space that you can turn into whatever you want.
WHEN THE TIME IS RIGHT
Most home buyers are out and about from late spring to early fall, and home prices reflect that increased demand.
Timing your home purchase could mean a difference in price – as much as 3 percent – if you’re able and willing to close and move in a less convenient season. Remember that looking through listings, getting approved for financing, visiting properties in which you are interested, getting your offer approved, and then finally closing – all of these things take a lot of time.
That’s also the time you’re investing in the purchase beyond your existing life and finances. Plan for the whole process to take a couple of months, at minimum. Get an early start if you have a timeframe in mind, and make it happen.
HOME CAN GO BEYOND FOUR WALLS
One final point to make is that you may know it’s the time to buy a house in Cincinnati or Northern Kentucky when you’ve found a property you like in a neighborhood you love. While your home is your base, location truly can be everything to some people. Take into consideration local amenities and conveniences to time things right for you.
For example, if you have children and a home pops up in an ideal school district, you may want to move quickly to secure the property even if the property itself needs a little bit of work. Location can mean everything and can also greatly affect the price of the home. If you buy a home in Anderson, you would be paying for the great area and above average school districts. However, you could by the same exact home in Batavia for much less but would not have as easy of access and would have average school system. It is all about what is important to you.
Get Help to Buy a House in Cincinnati or Northern Kentucky
Our team knows the Cincinnati and Northern Kentucky housing market inside and out. If you’re looking to buy a house in Cincinnati or Northern Kentucky, contact us today at (513) 813-6293!