Ready to settle down in a place you can call your own? When you’re ready to swap your rent check for a mortgage payment, here are a few things to take in mind before taking the plunge:
1. Find out what you can afford
Narrow down a price range by looking at homes that you can afford. To get a sense of how much you can spend on mortgage given your savings and income, you can use one of the many mortgage calculators online. If you need a little bit more guidance, find a local mortgage banker who can help you out.
2. Location, location, location
While considering your personal preference, you should also consider the long-term value of your home — what is the possible rental or resale value? Handy tip: School districts are key!
3. Do your homework
Check the prices of nearby similar homes in the area. Hire a home inspector and estimate the cost of any repairs. Make sure you have all of this information on hand before bidding on a home.
For more tips and tricks, check out the video below.