To begin with, you will have to determine how owning a home fits into your long term plan and vision. If you are looking to convert all those “wasted” cash on rent to something more meaningful like a mortgage or if you just cherish the idea of owning your own building, knowing precisely your reason for buying a newhome will set you on the right path. OE Mortgage will help you find a home that best suit your needs at affordable pricing
Here are a few questions to ask
- What type of home best suits your needs?
You have several options to choose from when thinking of buying a residential property including a duplex, a condo, a town house or a multi family building. Each options listed above has their advantages and disadvantages. Depending on your objectives, it is advisable to choose the one that best suit your needs and budget. You can also consider a fixed upper, but a lot of time and money involved may prove too daunting for you.
- What exact features will your dream home have?
Buying a new home is one of the biggest investments you may ever make, and as such it is important that it has all or most of the features you desire. Features ranging from size, neighborhood and style to small details like painting, furniture and a fully functional modern kitchen should be put into consideration.
- How much home can you actually afford?
While sometimes a bank may be willing to offer you more loan than you may actually need for your new home, that doesn’t mean you should borrow that much. Many first time home buyers make the mistake of applying for more loan than needed. Eventually, after paying their monthly mortgage fee, they do not have enough money for utility bills, running cost, food and even vacations.
Similar to a car purchase, you may want to take into account the total cost of the house and not just the monthly payment; not undermining its importance along with the amount of down payment you can actually afford. Other factors to consider include how much you are willing to spend on minor renovations or designs; and how high the property taxes are in your neighborhood. Also, take into consideration the insurance and closing cost fee. You should also know that if you are purchasing a condo you may have to shell out a few dollars monthly as payment for maintenance costs because you will be part of a homeowners association.. Cooperative owners would also be required to pay maintenance fees monthly.
- Who will assist you in finding a home and guide you through the purchase process?
A real estate agent will help you find a home within your budget and then arrange a time for you to inspect the house. Once you’ve chosen a home, the real estate agent can guide you through the process, including obtaining a loan, negotiating price, and preparing all the needed paperwork. Real estate agents are experienced and as such can help you avoid issues.