You think you’ve found the perfect neighborhood and you’re ready to begin your search. There are several factors you must consider before your next Parrish home search. For starters, you must consider your budget and everything you want in a new home.
- How much can you afford? While everyone may stretch their budget a bit to get just what they want, it’s not practical to stretch it too far. A pre-approved loan will not only let you know what you can afford, but it lets sellers know you’re serious. Debt-to-income ratio will play a big part in determining your buying budget.
- Your searching criteria. How many bedrooms and bathrooms do you want? Are you looking for a large or cozy-cute kitchen? Do you need an extra room for a playroom or an office? Is the backyard big enough for your entertainment tastes?
- Do you have a down payment? Depending on the loan and your credit score, you’ll need to pay between 3% and 20% of the asking price.
- Ask about any HOA fees. For any Parrish home you consider, ask about the HOA’s. Your lender will ask about them because they have to be factored in when determining affordability.
- Neighborhood demographics. There’s so much more to consider when it comes to neighborhoods. What are the crime rates? Is it a noisy neighborhood or quiet? If you have kids, how close are schools? Keep in mind that better schools equals higher home values.
- Taxes and insurance. Your lender will factor in taxes and insurance as these will add to your monthly payment. Even if it’s not taken out of the monthly payment, these are both expenses that you will incur when you purchase a home. They’re both just as important as the mortgage payment.
These are just a few factors to consider. You’ll want to think about walk-ability, climate, public transportation, and public services. Get in touch with me and I’d be happy to discuss any additional areas you might want to think about as you begin your home search.