Buying a house is an exciting step that every person wishes to take at some point in life. However, the entire process of house hunting and purchasing is quite cumbersome and requires a lot of effort.
Most of the time, one gets frustrated and may be tempted to throw in the towel. Nevertheless, it is pertinent to note that buying a house is not an impossible process, despite the odds.
Several factors determine your house choice ranging from your finances to your taste to the nature of the new homes for sale in Sharpsburg.
Hence, the more acquainted you are with the buying process and whatever it entails, the better decisions you make. This article exposes you to the essential factors you must consider before choosing your dream home in Sharpsburg.
Now without further ado, let us dive right into the juicy details.
Evaluate Your Credit Score
It would be a great disaster if you bought a house when you are knee-deep in debt or facing a financial crisis. Hence, evaluating your financial footing and capacity will go a long way to saving you from distress. Because there are many new homes for sale in Sharpsburg, a good credit score is one of the critical requirements necessary for taking out most conventional mortgage loans.
Despite the existence of low-credit loans, a score of at least 620 is required to grant most loans. You will also need to consider your debt-to-income ratio before taking any significant steps. This issue is because it is better to spend less than 36% of your income on debt matters such as future mortgage payments.
All these do not go without considering the amount required for the down payment and the closing costs involved.
Though some loans, such as the VA and USDA loans, do not require any down payment, it’s essential to consider that factor. Down payments are usually around 20-25% of the total house value. Closing costs, however, are typically placed at 2-5% of the house value.
Know What You Can Afford
Most homebuyers make the mistake of rushing to take out loans before doing the math to know how much they have to spend on homes for sale in Sharpsburg, GA.
In the end, a few of them realize that they could have afforded the house without any need for outrageous loans. It is advisable to run a thorough financial check to determine your economic buoyancy and capability to prevent such mistakes.
This process allows you to reduce your debt score to a bearable minimum, especially if you spend less than 28% of your gross monthly income on housing expenses, including the principal, interest, and taxes. You can read our article on the ten most important things to check when buying a house.
Find The Perfect Location Or Neighborhood
There is a common saying that location is key to valuable real estate as it is necessary to consider the appearance, accessibility, and niceties available in your neighborhood of choice.
The above fact is very crucial, especially for those looking to start a family in their new home. If you are looking to explore the great house in a fantastic neighborhood, check out the new homes for sale in Sharpsburg listed here.
A quick tip on knowing the perfect neighborhood for you and your kids is by comparing the local lifestyle of the area with that which you desire. If you were used to houses with basements, you could look out for homes for sale in Sharpsburg, GA with basements.
In terms of affordability, you can also compare the house values of the neighborhood with that which you have in your budget. There may also be the need to carry out a thorough historical evaluation to discover the possibility of home value appreciation.
However, finding the perfect location or neighborhood is usually easier when you hire a real estate agent.
Hire A Real Estate Agent
As said above, hiring a real estate agent has various advantages, most of which allow for cost reduction. Not only do real estate agents reduce stress in the house-hunting process, but they also function to give recommendations and feedback on other required services such as lender contacts, lawyer meetings, etc.
A real estate agent represents your interest throughout the home buying process by providing you with the best offers and deals.
With their vast knowledge of the market, they help their clients get the best out of the buying exercise. To choose the right agent, ensure some research on real estate agents who are experts in your desired neighborhood or location.
Please note their experience, reviews, total years in the business, and watch out for complaints. When you find the realtor you desire, reach out to them to know if they will be the best. From then on, the ball stays in your court.
Get Approved For A Pre-Mortgage And Pick A Lender
Most people fail to realize that getting prequalified for a loan does not guarantee you’re receiving it. However, getting preapproved gives your potential lender a bit of confidence in your ability to repay the loan as pre-approval involves a delicate evaluation of your finances, including income verification, amongst others.
In choosing a lender, it is wise to consider the interest rates applicable to you. Ensure to select the lowest interest rates with the best value as there will be numerous options.
Upon receiving your pre-approval, a willing lender will work hand-in-hand with you until you get your desired deal. Do well to ask for the loan estimates as well as the terms of the contract.
Do Your Inspections, Make the Offers, And Close!
Now that most of the paperwork is done and you are near the end of the home-buying road, it is time to do your inspections and choose the home which appeals most to you. Be it one of the homes for sale in Sharpsburg, GA, with a pool, or the homes for sale with basements; you should do well to make good choices.
When you find your dream home, move fast and make the best offer at the right time. Once it is done, close the deal and walk the house’s floors like the landowner you are.
Are You Ready to Make the Next Move?
Buying a house comes with so much fulfillment and self-esteem, little wonder it is on the bucket list of almost every individual. Therefore, if you are ready to go on the journey to owning one of the new homes for sale in Sharpsburg, GA, Tim Stout and Associates will be with you every step of the way.
Take your time to contact us today to start your journey to homeownership.