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Buying a home is one of the biggest decisions you will make during your life.  The present time is one that presents itself as a great time to buy.  Interest rates are low and the variety of homes on the market is good.  Realtors and builders are showing existing homes and newly constructed homes.

Am I Ready to Buy a House?

Like most buyers, you probably know that a home is the largest single purchase that you will ever make.  You can ensure that you are ready if you can say that you have been saving for an adequate down payment and have the funds for the closing costs associated with a home purchase.  Consider being able to put at least 20% down as your down payment.  This will get you a pass on needing to pay for mortgage insurance.   If a 20% down payment is not what you can swing, there are FHA loans or VA loans that you may qualify for that have down payments for as low as 3.5%.  Remember that expenses can pop up when you have a house, so don’t forget to budget for when emergency repairs or costs come up in your home budget.    It is a good idea to decide what you want to have as amenities in your home.  Ask yourself how many bedrooms you need, do you need a backyard, is a second or third bathroom a must have?  Do you have plans to stay in your home for a long time?  If so, then ask if your choice allows for expansion should you decide to add on an addition to your house in the future.  Think about the location of your property too.  How long will your commute be, what are the schools like and are shopping centers close by?

Signs You Are Ready to Buy

Do you have your debt under control?  Your student loans, credit cards or car payments should be reasonably supported by your income.  Check your credit score as it will play a major part in your getting approved for a mortgage loan.  You can qualify for a home mortgage loan with a credit score of at least 620.  If yours is not up to par then start now to pay down your debt and get your credit score up.  You know you are ready to buy a home if your lifestyle and income is steady.  A house is not something you can move out of with a 30-day notice like an apartment is.  If you know that your job will be relocating in a short time then owning may not be right for you.  If you know that you will need more space for your living arrangements in the near future than a house will suit your needs.

Know Your Home Buying Expenses

The true cost of homeownership includes many things.  Sure, you will have a monthly mortgage payment, but you will also need to pay for insurance, property taxes, closing costs, utilities and maintenance on your home.  These expenses can range from about 4-12% of your monthly income.  Make sure you budget for this amount.

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When is the Best Time to Buy a House?

The home selling site, Zillow, reports that the first quarter of the year is the best time to buy.  This is when you will find a good inventory of homes and when deals are more likely to come up.  Some believe that buying in the winter months is also good.  This is when sellers want to move out of a property and may be motivated to make deals with you.

Should I get Pre-approved for a Mortgage Loan?

The short answer is YES!  This process will help you see what price range will best suit your income and your expenses.  The lender will help you to get all the paperwork organized and will tell you how much you can afford to pay.  This way, you can be looking for a home in your price range.  If your perfect home pops up you can swoop in and get it ahead of others who are not so prepared.

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Should I buy a Newly Constructed House?

The answer is yes and no.  It all depends on what you want, can afford to pay and the location of the house.  The most important thing to remember is to work with a reputable builder.  Beote Construction in New Hampshire is just such a builder.  President, Conor Beote has been constructing single family homes, duplex style homes and multi-family properties since 2016.  Contact him for info about his latest projects.