Buying a home has long been a major part of the American dream. But doing so, there are questions to ask yourself before buying a home because, in reality, it’s just not for everyone despite the many good reasons to buy a home. In fact, a large portion of homeowners wind up regretting their purchase. Is it right for you? To find out, take a look at these 5 questions to ask yourself before buying a home in NKY or Greater Cincinnati Area.
1. Is my credit score good enough?
Your credit score should be a major factor in your home buying decision. A good credit score makes a huge difference when it comes to buying a home in NKY or Greater Cincinnati Area.
With a lower credit score, you may not be able to secure a mortgage loan at all. And then, even if you can, you’ll likely have to pay a higher interest rate. But with a good credit score, you’ll get better interest rates and better mortgage terms.
Industry experts, then, advise improving your credit score before you even begin looking for a home. A good way to begin is by paying off or down your credit card debt. At the very least, get a copy of your credit report to see exactly where you stand credit-wise before making the decision to buy a home.
2. Do I really know what I want in a home?
An important aspect of buying a home is knowing exactly what you want and need in a home. It can save a lot of time during the home search and can help you avoid buyer’s remorse after the purchase.
Here, then, are some sub-questions to ask yourself before buying a home:
- Do I understand clearly my must-haves and like-to-haves in a home?
- Are there any absolute deal-breakers I won’t compromise on?
- AmI willing to make some renovations in order to get a better deal?
- How long do I plan to live in the home?
- Will my family grow while I am living the home?
Keep in mind, too, that your NKY or Greater Cincinnati Area can provide valuable assistance in helping you determine your needs and wants and can then help you find a home that ticks all your boxes. You can discover more by calling (513) 813-6293.
3. How much home can I actually afford?
Besides knowing what you need and want, you also have to know what you can actually afford when buying a home in NKY or Greater Cincinnati Area. And the amount you can borrow isn’t necessarily what you can comfortably afford.
When thinking about affordability, you also have to factor all the other costs of home buying, both one-off costs and the many recurring expenses, for example . . .
- Closing costs
- Property taxes
- Homeowners insurance
- HOA fees
- The cost of commuting
- Repairs and maintenance
You can typically expect your “operating costs” as a homeowner to be about 40% of the monthly mortgage payment.
4. Will I be able to cover closing costs?
As we mentioned, there are those inevitable closing costs when the process of buying a home is finalized. Many buyers fail to factor in closing costs and wind up going over their buying budget.
Closing costs cover things like attorney fees, appraisal costs, taxes, title insurance, and more and typically run about 3% to 5% of a home’s purchase price, which can easily be a sizable chunk of change. So you need to be sure to ask yourself whether you’ve set aside enough money to cover the closing costs.
5. Do I know where and how to find the right agent?
When buying a home in Greater Cincinnati Area most people are better off using the services of a good local agent. Your NKY or Greater Cincinnati Area agent can help you find the home you want and help you navigate the whole complex process and so avoid the frustration and anxiety that often accompany buying a home.
If you’re buying a home or Cincinnati area property Team Sztanyo has the experience you need to help make the buying process easier, less time-consuming, and we’re on your side to help make sure you get the best deal while we worry about all of the details.
Either way, countless local homeowners and investors trust Team Sztanyo to help them wade through the real estate buying and selling process while keeping more cash in your pocket and helping you save the time and headache of working with less experienced brokers.
If you have questions like What are the 3 most important things when buying a house?
What are the top 5 things to look for when buying a house? Then give us a call! We take the time to listen to your concerns and answer any of your questions here at Team Sztanyo, with no obligation. Contact Team Sztanyo at (513) 813-6293 today!