So, you’ve decided to buy a new home. Congratulations! Now what? Purchasing a home is one of the biggest financial transactions you’ll ever experience in your lifetime and consists of much more than just searching for available properties on the Internet.
Whether you’re a first-time home buyer or a seasoned home-buying veteran there are steps that need to be taken and many factors to be considered when it comes to purchasing a home. If you are a current homeowner, buying a new home also mean you’ll need to sell your current residence so for all the details on selling a home visit our Sellers tab. We’ve laid out six points to ponder before you take that next leap in to home ownership:
Have you been Pre-qualified?
This is the first step on the journey to becoming a homeowner. It’s an exercise in futility to search for available properties without knowing what you can afford. Take the time to contact a local lender who can help you determine a monthly payment, down-payment, and overall budget that works for you. There are also a variety of financing options and loan programs in which you’ll need to choose from including conventional loans, FHA, VA or USDA. If you don’t know which lender to use, we can refer you to trusted and well-established local lenders right here in Arizona.
Evaluate your Lifestyle
Are you an active individual or family that enjoys being outdoors? Do you cringe at the thought of weekly yard work? How long of a daily commute to work can you handle? Do you want a move-in ready home or are you a person who enjoys projects and wouldn’t mind a fixer-upper? These questions and more will go a long way in determining which homes, neighborhoods, and areas in which you should be concentrating your search efforts. Some houses and subdivisions offer full landscaping services included in your monthly HOA payments. Other neighborhoods have parks, playgrounds, hiking and biking trails throughout. Buying a home nearer to your place of employment to avoid a long commute may mean living in an older part of the City. Homes in these areas tend to be dated and require a lot of maintenance. Are you willing to spend your foreseeable weekends with tools in hand?
Do you want New Construction or a Re-Sale Home?
There are two types of homes; new construction or re-sale. They both carry their own pluses and minuses. New home construction allows you to live in a property which has never been previously occupied. You’ll be allowed to pick and choose some of the style and décor options, and your new home will come with some builder warranties to cover any potential defects found in the first few years of ownership. However, new home communities are generally on the outskirts of town, far away from jobs, shopping, and entertainment venues. New construction homes are also more expensive when it comes down to actual price per square foot you’ll be paying.
Re-sale homes have already been lived in, were built to the specifications of a previous owner, and most likely are no longer under the original builder warranties. Depending upon the age of the re-sale home, it may require extensive upgrades or repairs. These homes are usually in neighborhoods that are more established, closer in to jobs, retail stores, and shopping areas. They will have more mature landscaping throughout the community and you will generally pay a lesser overall price per square foot meaning they are cheaper than new construction homes.
You’ll need to decide if either new construction or a re-sale home fits your wants and needs.
Be willing to Compromise
So, you've carefully and thoughtfully crafted your list of wants and needs when it comes to the desired floor-plan and upgrades you are looking for in a home. It would be a dream for everyone to get their entire wish list fulfilled when purchasing a home but in reality there is no perfect home. You will need to make compromises and be flexible when looking at properties to purchase. There will be homes you view that have the amount of bedrooms you need but the kitchen counter space and worn out carpet leave a lot to be desired. Houses that have the entertainers’ backyard you've always wanted might have fixtures and finishes from the 1980's that will need to be replaced.
If you absolutely will not bend on any of your wish list items then you are in for a long and frustrating road. You need to have an open mind and a willingness to be flexible on your home search.
Stick to your budget
You found a great house! But it’s above your budget and the mortgage payment will leave you penniless at the end of every month. Your lender, real estate agent, friends, and family have all given you the sound advice not to max out your expenses. If you don’t heed their warnings you’ll be left with stretching every dollar and crossing your fingers that no unexpected costs rear their ugly head. What happens if you lose your job, fall victim to a sudden long term illness, or have the household air conditioner or water heater decide to breakdown? The consequences and pressure of falling behind in your bills will keep you up at night when you have no wiggle room. Stick within a livable and reasonable budget plan.
Hire Zion Realty to help you through your entire Home Purchase process
Did you know that it doesn’t cost you a single penny for us to represent you in the purchase of a home? Regardless of whether you are purchasing a new construction property or a re-sale home, having your own legal and professional real estate agent representation can also save you thousands of dollars by utilizing our experienced and knowledgeable negotiations skills. Buying a home is about finding the right fit for you or your family. There are multiple factors to be considered. We will help you carefully weigh out every option to make certain you are completely satisfied with your home purchase. If you or someone you know is looking to purchase any type of home in Gilbert, Arizona or the East Valley, fill out our contact form Today!