Hello all you home buyers out there! I am doing a series on Buying Your First Home In Brevard County, Florida. This blog post is all about things to consider when buying a home. This also would come into play for any buyer, not just first timers!
With the interest rates as low as they are and the inventory prices so low it’s a really good time to buy a property. You can afford much more home for the money now. You are also going to get that money a lot cheaper than you could historically.
There are some considerations to think about before you move forward:
How long do you plan to live in the home? It does cost money to buy a home and to get a mortgage. So, you really need to think about your longer term plans. How long will the home meet your needs? You want to think in terms of five or ten years ideally.
Your financial health, your credit, and home affordability are other factors to consider. So, you have to really look at your whole financial picture, and whether or not this is something you could afford now.
Where will the money for the transaction come from? There are a lot of fees and costs involved. You do have to remember if you’re a buyer you are not paying your agent. Buyer agency is paid for by the seller, so as a buyer you should always hire a buyers agent to protect your interest, because it is absolutely free. You have to think about the ongoing costs of home ownership. Maintenance improvements, taxes, so on, and so forth. There’s also homeowners associations to think about as well!
Basically you really want to think about the whole overall picture, and a real estate practitioner can help you do that. Somebody who is familiar with the market, and someone who knows how to navigate a first time home buyer through the process. It’s also a great time to consider an investment property! Why not pick up a duplex, a rental home, or even a small apartment building. There are really good rates for commercial loans as well out there, and it’s a good time to maybe beef up your portfolio a bit.