Are You Ready to Buy?

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With so many people buying homes due to home prices and low-interest rates, it may seem like a no-brainer to jump into the housing market. However, buying a home is a huge financial commitment. If you think you’re ready to buy your first home, ask yourself these five questions to see how prepared you are for homeownership.

Questions to Ask Yourself Before You Buy Your First Home:

Are You in Control of Your Finances?

It’s important to know what your credit score is, how much debt you have and what it’s like to live on a budget. If you pay all your bills on time, have an emergency fund and have saved 10 percent for a down payment, then you’ve probably got your finances under control. Having your financial house in order will make your transition into your first home easier.

Are Your Expectations in Line With Your Budget?

You may have already decided on what you want in a house, but it is important to be realistic about what your ideal home costs in your area. Some housing markets are more expensive than others. Having a sense of how much a home in your ideal neighborhood costs will help you to calibrate your expectations to your budget and make the home buying process a more pleasant experience.

Do You Understand the Cost of Buying a Home?

Even once you’ve saved for a down payment and know you can afford your monthly mortgage, there are additional costs to buying a home. Have you factored closing costs, origination fees, homeowner’s insurance and property taxes in your budget? What about monthly utilities like trash that are usually included in the rent? Can you afford to fix an unexpected leak? Paying for regular upkeep on a home can be an unpleasant surprise if you’re not prepared.

How Long Will You be in Your Home?

Many see buying a home as a good investment and it’s true if you plan to stay in your home for at least three to five years. If you plan to buy and sell quickly, you should also consider the tax implications of buying a home that you live in for less than two years. Job security is another important factor; you don’t want to buy a home only to be laid off and have to relocate for a new job.

Does Your Mortgage Fit Your Lifestyle?

As you estimate your mortgage payments also take a look at your lifestyle and hobbies to see if they fit into your budget. If not, you may have to cut back on your expenses or consider buying a less expensive house to maintain your lifestyle.

Find the Perfect Place with Call it Home

Call it Home can help find the perfect place for you to call home. If you’re looking to buysell, or rent, our expert agents are here to assist you every step of the way. Working with Call It Home will enable you to get in touch with the best real estate experts in your area who will help you to secure the best deals on the market at the time. For more information, feel free to call us at 801-532-7000 or sign-up online today.

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