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Where to know before buying a home

What to Know Before Buying a Home

Are you a first-time homebuyer? If so, the process may seem a tad bit overwhelming. The agents at Raleigh Cary Realty know this. That’s why we have helped thousands of new homebuyers by guiding them through the steps it takes to complete that first purchase.

5 things you will need to know before buying a home are:

1. Your credit score: Believe it or not, but in the old days, you had to write the different credit bureaus to find out what your score was. Now, it’s readily available at your fingertips through your bank app (FICO score) or via websites like Credit Karma. Remember, the higher the score (a max FICO is 850), the better your chances of qualifying for a loan at a lower interest rate.

2. The type of home you want: Are you looking for a detached single-family home or a condo or town home?

3. How much home you can afford: This is where factors such as a budget, debt-to-income ratio and down payment come in. All of those can affect how much of a monthly mortgage payment you can safely afford to make. Most financial advisors recommend keeping it under 30% of your combined monthly gross income.

4. The condition of the house and the maintenance required: Some people can look at a fixer-upper and decide they can do a massive remodel. While it looks great on certain TV channels, the truth is that remodeling can be very expensive and time-consuming.

5. Plan for the long haul: We all know that life can change quickly. When you are young, plan for the future. Homes can be the right size now, but if a family grows, will it be able to handle it?

These are just some of the important things to keep in mind. For more things to know, and for help in finding and buying your first home, contact us at Raleigh Cary Realty. We will proudly guide you through it.

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Our agents write often to give you the latest insights on owning a home or property in the Triangle area.