Are You A First-Time Home Buyer? Here Are Six Questions To Ask
Buying your first home is likely one of the most exciting (and expensive) investments you will make in your lifetime. But before you fall in love with your perfect home, there are some things to do and questions to ask to help the process move forward smoothly and to ensure the home you choose will fit your needs and fall within budget.
The six questions we have listed below are a great place to start! Let’s dive in:
How much can I really afford? Regardless of the mortgage your bank approves you for, it's important to take a step back and closely review your finances to ensure you can comfortably afford the payments. It’s crucial to not only consider monthly expenses, debt and current income, but also how this purchase will affect your long-term financial goals.
What shape is my credit in? Your credit score is one factor that could disqualify you from securing a home loan. A strong FICO score is required by many banks and reflects that you have a solid history of paying off debts and therefore are a responsible borrower. In most cases home buyers with higher credit scores not only secure lower interest rates but also can usually put less money down.
How much are utilities each month? Utility costs can vary from house to house so this is a crucial question to ask when initially looking at a property. These costs are an important piece of information to calculate into your monthly expenses.
Am I happy with the resale value of the home? While you may have every intention of staying in the home for years to come, things happen and plans change. It’s very important to consider the resale value of a home before buying it. Things such as location, price, condition of the home and nearby comps all play a factor.
Would I be responsible for HOA fees? If the home you are eyeing is part of a neighborhood that has a homeowner’s association, you want to ask questions around the fees and what services the HOA cover. This is another important cost to factor into your budget.
What would I owe on property taxes? Asking your real estate agent about property taxes is crucial to avoid getting blindsided by a large bill. Property taxes vary depending on location and are calculated as a percentage of a home’s worth.
Selling your Omaha, NE home? Allow our team of professional, knowledgable and trustworthy real estate agents to go to work for you! Additionally, don't miss our "Seller Tips" page here!
