If you have found yourself in the perfect position to purchase a home for the first time, then congratulations are in order: this is no easy feat! Don’t let the excitement of the prospect trick you into making a mistake in the house buying process, however. As you are searching for the perfect place to call home, there are several questions you should ask yourself about your finances, as well as the properties, that you think might fit the bill.
1. What is your budget?
Perhaps the most difficult question you need to ask yourself before purchasing your first home is also the most obvious: what do your finances need to look like before taking the plunge? Determining the budget you will need to set aside isn’t as simple as figuring out the monthly mortgage. You also need to take into account property taxes, insurance costs, HOA dues, and other hidden expenses that may be necessary to make the property livable (such as HVAC or electrical renovations).
2. What is the best down payment?
As a rule, putting down less than 10% of a home’s cost is asking for trouble when it comes to extra interest payments. Optimally, you should shoot for 20% or higher. This way, you can avoid having to pay private mortgage insurance.
3. How much do I need to save for moving fees?
This question is also important to include in your final home-buying calculations. Will you require movers? Are you planning on moving cross-country, or just across town? What size of truck will you need, or are you fortunate enough to know someone with an available truck? A little research can give you a good estimate.
4. What will my future needs be?
If you have a family or are planning to start one, this is a very important question to ask. The size of your family in the present and the near future can help you choose the number of bedrooms and bathrooms you will need, the amount of square footage that will fit you comfortably, etc.
5. What kind of neighborhood am I looking for?
The quality of the environment around your home is almost as important as the home itself. This is where the agents at Davis-Coleman can assist. We can help you do research on crime statistics, the quality of schools and recreation spots in the area, homeowner’s associations, religious services, access to shopping, and much more.
6. What’s the weather like?
On the surface, this question seems silly. But we include a few extras besides the likelihood of a sunny day. Is the area prone to disasters like high winds that can strip shingles off the roof? Does it snow enough on average that you will have to seriously consider getting a snowblower? Is it typically hot enough that your water bill will skyrocket by just trying to keep the lawn green?
7. What does the house include?
Is there a stove in the kitchen, and how old is it? How about a dishwasher? What space is available for a washer and dryer? Is the air conditioning and heating in good condition, or will the entire system need to be replaced? How old is the roof? How is the plumbing, and will it need to be protected in the winter?
8. How can Davis-Coleman Realty help me buy a home?
Now, this is an excellent question! Here at Davis-Coleman, our professional realtors have the experience and knowledge necessary to help you make the wisest home-buying decisions possible. Let us help you research Heber City and the surrounding areas and find you the home of your dreams. Give us a call or schedule a consultation, and we can start the process today!