If you’re in your 30s and thinking about buying your first home or upgrading to a larger house, here are crucial things to consider to make your homebuying dreams a reality.
Is it the right time for you to buy?
The best time to buy a home depends on two personal and crucial questions.
“First, can a buyer commit to being in one location, in one home, for the next five years or so?” asks Danielle Hale, chief economist for Realtor.com®. Ask yourself what your near-future goals are, as well as where you want to be in the next five to 10 years.
“Secondly, can a buyer commit to the upkeep that’s required on a home?” adds Hale. “If the answer to these questions is yes, then it might make sense to buy.”
What kind of home do you need?
Buying your first home? Trevor Halpern, founder of Halpern Residential, a Phoenix, AZ-based real estate group, urges all 30-something homebuyers to drill down on whatever is likely to serve their future needs.
Financial considerations
Getting a mortgage pre-approval is an essential first step in your homebuying process—especially if you’re purchasing a more expensive home.
“Many people have no idea how their credit looks, or why it can look different to a lender versus reviewing it on their own,” says Gelios. “Having a lender consultation can provide a clearer picture and allow a homebuyer to make a smarter financial decision.”
Also, make sure you can afford the down payment for a new home, while retaining an emergency fund to cover unexpected costs, such as repairs.
SOURCE: Article Written by Erica Sweeney (Nov 9, 2021)
https://www.realtor.com/advice/buy/buying-a-home-in-your-30s-heres-everything-you-need-to-know/
