The
purchase of a home is probably the largest investment that you will make. The following tips will help you to make the
right decision towards many years of positive homeownership experience.
Do
your homework. Knowledge is power. The Internet has a tremendous amount of information
that will assist you with mortgage rates, debt to income calculators, and
home buying tips and resources.
Location
matters. Even within a neighborhood location matters. Are you on the busiest street? Is there a shopping center outside of your
back window? How close are you to
schools?
It’s
not just what’s on the outside. A house may have gorgeous curb appeal, but
you don’t live on the lawn. No matter
how attractive the exterior may be, you need a home that you can “live” in.
Functionality. How
do you really live? Do you really
need a formal dining room and living room?
Would you be happier with an eat-in kitchen and a great room and a
den to use as a home office? The house
only needs to fit one family – yours.
Be
sure to have the home inspected. This is not the time for surprises. Get an inspection from a qualified, respected
professional.
Check
out the reputation of the builder. Talk to your prospective neighbors and see
what they have to say. It is a great
way to find out about the builder and meet your neighbors.
Patience
is a virtue. This is one of the biggest investments you’ll
ever make. Being impatient can lead
to mistakes.
The
time is now. Don’t
wait for a better market and interest rates. If you can afford a home and
you don’t make that purchase, you’ll lose the benefit of tax deductions, building
home equity and the appreciation in value.
Know your credit score. You may need to rebuild your credit history before you start applying for loans. Credit scores run between 300 and 900 points. If your credit score is below 670 points, you aren’t likely to qualify for lenders best rates. You can order your credit report on-line by going to A New Horizon’s web site at www.anewhorizon.org and clicking on the MyFico box on the home page.