Overwhelmed with the idea of buying a home? It can be a lot to handle, so try thinking of home-buying like dating. Itâs a process thatâs sometimes frustrating, but ultimately youâll be glad you held out for âthe one.â Here are some things to remember.
Make sure youâre worth the investment. âAre you homeowner materialâ is kind of like, âAre you boyfriend or girlfriend material?â Banks, like dates, arenât going to take a chance on someone they donât see a future with. That means a credit score above 600 will increase your chances of getting approved for a homeowners loan.Itâll cost you money.
Think of it as a âwine and dineâ process â youâre going to have to woo a loan program with a down payment 3.5 to 20 percent of the price. After that, itâs common practice to spend about 30% of your gross income on your mortgage.Compromise.Your relationship with the seller will be one of compromise â price and closing details are something youâll probably have to go back and forth on. If youâre unsure of how much you should be offering, read our guide on how to determine an appropriate amount. Accept that nothingâs perfect. The home for you probably wonât be perfect. But overall, will the home make you happy the way a true love can? Remember, if you can change your mateâs habits, you certainly can tear down a wall or redo a floor to get exactly what you want.Trust your friends.
Think of your Real Estate Agent as the friend who will help guide you through the process. Theyâll introduce you to prospects, give you advice, and just generally be your support until you sign and close. The road to home-buying isnât easy, but itâs worth it. Just remember that with the help of these steps, youâll be living your happily ever after in the home that suits you.