Buying a home is both exciting and nerve-wracking. With so much to consider, it can be difficult to know where to start. Oakstrand Realty is here to help you make the right decisions when purchasing your piece of real estate. Here are some tips to keep in mind when buying a home.
Be wary of mortgages with balloon payments. These are large payments that are required at the end of the loan term and can be a sign of an unethical lender. When you come across balloon payments, it’s best to stay away.
Start saving for your down payment now. Most people begin to talk about buying a home before they actually make the purchase. This is the perfect time to start putting away money so you can reach your down payment goal, which is typically 20% of the home’s cost. You may also be eligible for government programs that can help with the purchase.
If the home you’re purchasing has hardwood floors that need refinishing, it’s best to have the work done before you move in. This is a dusty job that’s best done in an empty house without furniture to move.
Shop around for the best mortgage lender. Don’t just go with your current bank. Different lenders may offer better terms that can save you money in the long run.
Fireplaces can serve as the focal point of a room and can increase the retail value of the home. Consider wood or oil burning fireplaces as an alternative to electric heating devices.
When planning to buy a home, start saving the amount you would be paying for your mortgage, less your current rent. This will help you become comfortable with a higher monthly housing payment and give you money for your down payment. Once you save at least 10% of the cost of the house, you’re ready to buy.
Real estate investing can be lucrative, but also tricky. Consider taking an educational course to learn more about the process and get insider tips from real estate professionals. Classes can be taken in person or virtually, so they will fit everyone’s schedule.
Buying a home is an exciting journey, but it’s important to make sure you’re well-informed. With these tips from Oakstrand Realty, you can be confident that you’ll make the right decisions every step of the way.