Looking for homes for sale Sequim WA? Are you ready to buy?
Buying a home is the biggest and longest financial commitment most people will make during their lifetimes. If you think you are ready to buy a home, there are many things to consider before looking for homes for sale Sequim WA and then taking the plunge. Are you sure you are ready to buy your first home?
Question #1: Do you plan to live in the home for at least 5 years?
If not, you may be better off renting. Experts say that in the short-term, real estate may not be a good investment. High initial costs off-set any equity increases, unless you hang onto that investment for a longer period of time. There is a good chance you could lose money, unless you are in the home long enough to also build a bit of equity.
Question #2: Do you have emergency savings?
A savings balance that would cover six months of your bills, including the cost of home ownership during that six-month period will help alleviate risk should your income situation change. You may want to establish an emergency savings account first and then start saving money for a down payment. If you have no emergency savings, or you don’t have enough emergency savings, it may be wise to continue renting until you are more financially stable
Question #3: How is your credit rating?
With a high credit rating, you can find a mortgage lender with a low interest rate. The higher your credit score, the lower your interest rate will be. Before applying for a mortgage, work to raise your credit score as high as possible.
Question #4: You’re looking for homes for sale Sequim WA but do you really know where you want to be?
Are you sure of the area, city, and even the neighborhood you want to live in? There is so much to consider. What is the crime rate where you want to live? If you have, or will have children, how good are the schools they will be attending in the neighborhood you are considering?
When you buy a home, you will be building a life within the community you have chosen, and so will your spouse and children. Do you foresee any big changes in your future? For example, if you hate your job, and you want to change career paths, will this be possible in the area you have chosen to purchase a home? All things to consider when choosing an area to purchase a home.
Question #5: Do you have a clear understanding of the cost of home ownership?
Naturally, you expect to have a mortgage, and to pay for homeowner’s insurance, but there are other expenses that often come with home ownership including mortgage insurance, property taxes, HOA fees, home repairs, maintenance, closing costs, balloon payments and other potential costs.
If you’re thinking of buying a house, make sure you have all the information regarding the purchase of a home. Create a budget that includes all potential costs to ensure you can afford the house you have chosen, or the price range of the home you are looking for.
Never rush into home ownership. There is a lot to consider and taking the time to ensure that you are truly, financially ready will help ensure a stress-free path to home ownership. If you are unsure or have doubts, you may need to spend some more time preparing, budgeting and researching. A good real estate agent will facilitate the process on your own time and not rush you to purchase.
The experts at Professional Real Estate strive to be your partners in this important transaction. When you’re looking for homes for sale Sequim WA, we’re here to answer questions and help you any way we can. When you’re ready, we will be, too!