Take these tips into account before buying a new or used house. The economic crisis has put in the market many homes at very low prices, which means a great opportunity to buy, although of course, this means that there are many families losing their homes. Before buying a house, answer the following questions. From the Denver CO realtor you can get the best answers for the same now.
How is my credit?
You do not have to go to a bank officer to know if you are complying with your monthly payments or not. These must be done on time and not reflect recent delays.
Do I have permanent employment?
In addition to credit, this is a basic requirement for a loan to be approved. If you are self-employed, you must demonstrate income stability for an extended period.
Am I willing to request a pre-qualification?
After honestly answering questions 1 and 2 yourself, you must confirm that you are ready to be approved for a loan with a mortgage officer.
How is my budget?
If you have good credit and employment, you will have the approval of the bank, but that does not mean that you buy a house at the maximum price approved. You are better than anyone knows if you have other expenses that often do not appear on your credit report. Avoid feeling that “you can’t breathe” because your monthly payments drown you.
Do i have savings?
There are always expenses associated with the purchase, even if you get a loan that offers you 100 percent. These are not common today, but there are programs that offer it, even for some new homes. You will still need to cover credit report, appraisal, inspection, and moving expenses. You must also have a reservation even if it is small for emergencies.
What kind of property do I want? For this think of your family. If you have young children and would like them to have a patio or like to work in the garden, an independent house would be your best option.
If you prefer that another take care of maintenance, have nothing to do with painting or exterior repairs, then there is no doubt, the apartment is for you.
What characteristics should it have? Analyze the number of minimum rooms you need and the bathrooms. Every family today is also looking for a “family room” to share after work. A terrace is ideal but it can be extra to build later if the community where you will live allows it.
Where am I going to buy?
This is fundamental. Do you want in the city, in a tourist area or in a rural area? Make a list of the basic requirements that the community where you live must-have. Among them, if you need schools, hospitals, shopping areas or entertainment nearby. In addition, the common recreational facilities that interest you, such as swimming pools, sports courts or walking trails.
What are my short-term life plans?
The time to buy to sell in a few months has passed. Now you have to buy thinking long term. If you plan to move to another city soon, it is better to stay renting unless you want to leave your rental property. In these times it is not easy to sell a house quickly unless you sacrifice profits.
What obligations will I have as the owner?
Keep in mind that with the rights you acquire, the obligations come. Among them, payments of taxes, insurance, maintenance and compliance with the rules and restrictions of the community where you buy. The balance is positive anyway, but you should know what the purchase implies before making it.