Health & Fitness
Are You Ready to Buy Your First Home in Newton?
These guidelines can help you decide if you are ready to buy your first home.
Buying a home is a big decision and there is a lot to consider when it comes to choosing the right time to buy. How do you know when you are ready to invest in your first home in the Newton real estate market?
Here are a few signs that might mean you are ready to buy a home:
You Have a Down Payment Ready
Find out what's happening in Wellesleywith free, real-time updates from Patch.
In most cases you will need to pay a down payment when you put an offer on a home. A good guideline to keep in mind is that most down payments are about 20 percent of the cost of the home.
You Have a Budget and Can Stick to It
Find out what's happening in Wellesleywith free, real-time updates from Patch.
To save for that down payment, and other costs associated with being a homeowner, you need to be able to budget wisely. You'll have to save and pay for things like a mortgage, utilities, home repairs, landscaping costs, property taxes and homeowner's insurance.
You are Managing Your Debts and You Have Good Credit
Many lenders check your debt-to-income ratio and take it into consideration when determining what kind of loan you qualify for. Eliminating as much debt as possible can help you prepare to buy a home.
You Have a Steady Income
To prepare for the financial responsibility of owning a home, you need to have a steady income. If you have a stable income, you may be ready to take the leap into home ownership.
You Understand the Current Market and the Buying Process
When you know what the local market is like you can decide if now is the right time to buy. Understanding how buying a home works can help you prepare for the process. When you understand the aspects of negotiating, putting an offer on a home and then closing, you will be much better prepared. A real estate agent can help you with this process.
You Have an Experienced Agent to Work With
Working with an agent can help you find your dream home and then make an offer and close on it. An agent will make the whole experience much easier, so before you start looking for a home, contact a real estate agent.
Buying a home is a big decision, but if these guidelines describe you, you might just be ready to buy your first home. For more tips on buying your first home, visit the Christine Norcross & Partners website.
For assistance buying a home in the Newton, MA real estate market, contact Christine Norcross at 781-929-4994.
