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!
Investing in new kitchen cabinets is one of the most important and necessary decisions in remodeling any kitchen. While high-end cabinetry can quickly drive up costs, wholesale cabinets provide a way to achieve premium quality at a fraction of the price. Whether you’re flipping homes, managing multiple projects, or simply upgrading your kitchen, they offer […]
Got a small space and big dreams for your living room? You’re not alone. Many face the challenge of finding living room furniture that fits tight spots but still oozes style. It’s like trying to squeeze into jeans from high school—tough, but not impossible. Here’s a cool fact: you can have chic and functional spaces […]
When you walk into a room, what’s the first thing you notice in the interiors? The furniture, the walls, or the ceiling? Often overlooked, the ceiling plays a significant role in defining the ambiance of a room. If you’re looking to add some flair, sophistication, or a modern touch to your living room, false ceiling […]
A thoughtful U shaped modular kitchen design can enhance functionality, and aesthetics in your kitchen, as well as in the dining and breakfast areas. With the various modular kitchen options available in India, the following ideas can help you envision your customized U shaped modular kitchen design. 1) Explore Neutral Color Palette The kitchen’s neutral […]
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 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 […]
Gate Design is an important feature of any home. Numerous scopes for experimentation open up when delving into the design possibilities. Materials like wood and black steel are popular options in Indian homes. At the same time, designers also experiment with a combination of materials that suits their aesthetic. Buying mass-produced Sydney automated gates has […]
Hyderabad is a city that boasts a rich and diverse architectural heritage that has been shaped by its history and cultural influences. The city has been ruled by various dynasties, including the Qutb Shahis, the Mughals, and the Nizams, who have all left their mark on its architecture and influenced young architects in Hyderabad. The […]
Brutalism is an architectural style from the 50s and 60s that began in the United Kingdom. Brutalist Architecture can be elaborated as raw with no ornamentation and exposed building materials used in a monolithic way. Majorly showcasing the concrete in its raw beauty employed in various geometric shapes. Since the beginning of the revolutionary composite […]
The word “Vastu” refers to the dwelling place of humans and gods, while “shastra” means science or knowledge, hence Vastu Shastra for house is the science of architecture. Vastu Shastra for house is an ongoing practice in India since one can remember. Almost every architect and designer wields it in conceptualizing their projects. Vastu Shastra provides […]