Moving is tough — there’s no arguing that. But transitioning from renting an apartment to being the owner of your very own home is a whole new challenge altogether. You’ll have a mortgage to pay, no landlord to fix your leaking sink, and an entire space to furnish.
It may sound overwhelming, but you’ll be less stressed if you’re prepared. Read below for the most important aspects to keep in mind when home buying.
1) Location Matters Most
Where you’ll be moving to and how it meets your living needs is the most important factor to consider. Sure, it may be nice picturing yourself in a secluded cabin high in the mountains of Montana, but don’t expect a booming job market or short commutes anywhere.
If you want to start a family, you’ll want to consider pleasant suburban or city areas, which are prime for raising a family. You’ll be in decent proximity to your job, friends, your children’s school, and any activities your new place has to offer. There are houses for sale in Syracuse, NY that hit these needs nicely, and you’ll find similar areas all across the United States.
If you’re not wanting to start a family, and prefer to live alone, then I guess that cabin in Montana wouldn’t be so bad!
2) Have A 20% Down Payment Ready
Not handing a 20% down payment over to your bank is a big mistake. Banks will immediately classify you as a risk. To cover their assets, they’ll tack on mortgage insurance on top of your monthly payments.
In standard cases, the insurance will add around 1% of your total payment a year. If you have a 3% interest rate, it now becomes 4%. This insurance only protects the lender and not you. So, to reiterate, have a 20% down payment ready to avoid higher costs.
3) Shop Around And Get Pre-Approved For Your Mortgage
It’ll take some time, but you’ll want to meet with various banks to discuss their mortgage options and go through their pre-approval process. Pre-approval gives you an exact amount the bank will be willing to lend you, so you’ll have a price point to reference when looking at homes.
Having that pricing knowledge will take a good bit of edge off your home shopping journey.
4) 15-Year Mortgage vs. 30-Year Mortgage? Choose 15-Year
You may think you’ll want to stay in your first home forever, but studies show this isn’t a likely reality. In fact, most people stay in a single home for around 13 years.
While the lower payments offered by a 30-Year mortgage may be tantalizing for a new homebuyer, you’ll be doing yourself a disservice. If you believe you’re unable to afford a 15-year mortgage, you may risk not being able to afford the 30-year either.
Spreading out payments over a large amount of time still results in the same ending price. You’ll feel much more financially secure finding a home where you know you can pay the 15-year mortgage.
Happy House Hunting!
The transition from renting an apartment to becoming a homeowner is a daunting task for every first-timer. However, your hard work will be worth the effort.
There’s nothing quite like the feeling of settling into your home for the first time. Just remember to be prepared, do your research, trust your gut, and ensure you’re comfortable enough to make this dream a reality. Go luck with your search!
Luxury used to be all about flashing big logos and bold statements. But lately, the game’s changed. Quiet luxury is all about subtlety: investing in quality, craftsmanship, and classic pieces that don’t cry out for attention but quietly elevate your space. It’s that feeling you get walking into a room where everything just feels right, without needing […]
Imagine a home that breathes with the breeze, where sunlight filters through lush foliage, and the vibrant hues of nature are an extension of your living space. Tropical houses are architectural marvels; a profound dialogue between human habitation and the natural world, born from centuries of adapting to warm, humid climates. Far from rigid structures, […]
Buying a mini excavator isn’t something you do on a whim. Whether you’re expanding your fleet or picking up your first machine, you need to know it’s the right fit, not just for today’s jobs, but for what you’ll be tackling a year or two down the line. These machines might be smaller than full-size […]
“Dream kitchens don’t just happen — they’re designed with care and style.” Walking into the same old and outdated kitchen in your home? It’s time to change the design and get that wow factor, according to your needs and wise design choices. Seems like a challenging task, right? But let’s be clear here, the kitchen […]
Kerala style homes have courtyards surrounded by rooms on each side. Traditional Kerala-style homes have a central courtyard known as Nadumuttam surrounded by rooms. These homes promote natural light and ventilation according to the region’s climate. These homes, due to the feature of courtyards as their core spaces, offer beautiful opportunities for social gatherings. This […]
When it comes to enhancing the kitchen window over the sink, various design ideas are possible to decorate Indian homes. From rooted in tradition to Western-style modular kitchens offer both functionality and attractive aesthetics. Apart from the sleek profile and raised breakfast counter, the kitchen window over sink is another spot to add appeal and […]
Indian homes place equal importance on pooja room door designs as they do on main door designs. With diverse and unique ethnic backgrounds, every family strives to reflect their personalities and identities in their designs. These identities can encompass religious or spiritual interests, local contexts, or other personal elements. This series of blogs, featuring 50 […]
The door design for main door is a defining feature of any Indian home, embodying both style and cultural significance. In a country rich with diverse architectural traditions, the entrance to your home reflects not only personal taste but also cultural heritage. Whether you’re drawn to the intricate carvings of traditional Indian door designs or […]
Pillar design is a cornerstone of architectural elegance, seamlessly blending structural support with aesthetic appeal. Our blog, “50 Best Pillar Design Inspirations,” celebrates this essential element, showcasing a variety of styles from classical Doric and Ionic to contemporary and avant-garde innovations. Whether you’re an architect, interior designer, or a design enthusiast, these pillar design inspirations […]
The integration of screening evergreen trees serves as an artful blend of practicality and natural beauty. These screening evergreen trees, with their lush foliage and diverse benefits, play a crucial role in enhancing privacy. It also blocks unwanted views, and contributes to the overall well-being of homeowners. From the majestic Jamun trees to the versatile […]