Are you ready to buy a new home or is it better to rent for a few more years? Before you start looking for the kind of homes for sale residents want, ask yourself these three important questions.
1. Are You Prequalified?
When you buy a home, you don’t necessarily need to use cash or even pay a large down payment. However, you do need good credit, gainful employment, and to be pre-qualified for a home loan to be deemed eligible.
Your first step should be to talk to your bank a loan officer to find out your “financial fitness”. If you’re ready, you will receive a prequalification letter for a certain amount. If your finances need work, your loan officer can help you improve your financial situation to get qualified.
2. Can You Afford the Extra Costs?
Buying a home involves many “hidden” fees. Be sure to have enough savings in your account to cover them all.
- Having enough savings for the down payment (averages 0-10%, depending on the type of loan you get).
- The cost of various inspections (home, radon, well/septic) is usually the buyer’s responsibility.
- Having enough money for closing costs.
Sometimes, you may be able to get the seller to cover some of these costs themselves or to roll some fees into the closing costs. Talk to your financial provider to find out what options you have if you are short on expendable income.
3. Is Your Life Situation Stable?
Are you ready to settle down? Do you have a career or job situation that is long-term in the area? Do you like the area you want to settle down in? Once you buy a home, you’re locked into the area. You will need to be 100% certain that this is the type of home and neighborhood you want to live in. Look before you leap because a home is a long-term financial investment.
To find out what homes are for sale right now in Richland, WA, contact us at Retter & Company Sotheby’s Realty.