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While some people buy starter homes with the plan to upgrade later, others want to buy their forever homes right off the bat. Why waste money on a home that your family might outgrow within a few years when you can buy the perfect home now? Your forever home should include everything that your family needs now and anything you think you might need in the future. Looking at a guide on how to buy your forever home will help you find some tips you can use whenever you shop.
Get Your Down Payment Ready
The amount that you put down when you buy a home is your down payment. Many lenders ask for a minimum of 10% but it often depends on where you buy and whether you use any special programs. A down payment of 3.5% is enough to help you buy some homes. The more that you put down when you buy your forever home is more taken off the entire loan you need, which will cut down on the interest you pay.
Look at Your Mortgage Options
You have the option of taking out a mortgage that gives you 10 or 20 years to pay it back along with a 30-year mortgage. With a fixed-rate mortgage, your interest rate will stay the same for the length of your loan to help you avoid surprises later. An adjustable-rate mortgage fluctuates based on market conditions and may help you save some money.
The federal government has special programs such as USDA home loans that are available in rural markets and others that are open to first responders such as police officers. These loans often require a smaller down payment and have lower interest rates than standard home loans do.
Consider Different Neighborhoods
A common mistake that some people make when looking at homes is that they focus too much on a specific neighborhood or area. Though you may want your kids to attend the same school and be close to your favorite stores, the home of your dreams might exist in a different neighborhood.
As you explore those neighborhoods, think about all of the benefits of living there like having a park for your kids down the street or having a bigger yard. Some neighborhoods may even have more shops and restaurants nearby.
Make a List of Your Needs
One of the best ways to find your forever home is with a list of your needs. Your needs should include anything you will not compromise on such as having a certain number of bedrooms and/or bathrooms and a garage with storage for at least one car.
Some buyers also need homes that are move-in ready because they don’t have time to work on a fixer-upper. You can then make a list of your wants, which are features you would like to have. If you have a hard time finding a home that has all of your needed features, consider working with NC custom home builders to build your dream home.
Attend Open Houses
There is only so much you can learn about a home from looking online. You can see the overall condition of the home, but you won’t get a feel for the home until you check it out in person. Open houses are a great way to see what homes in your area look like. You can also see how popular they are based on how many people show up, which can help you decide how much to offer.
If you find a house that is perfect for you, your real estate agent can even help you put in an offer on the spot. Your offer will include how much you want to pay and anything you want from the seller like asking that they repair roof damage or leave the appliances behind.
Though the housing market is always changing, there’s no reason why you can’t look for your dream home today. The best home is one in an area you like that has all of the features that you need. You might look for a fixer-upper that costs less and needs some work or a nicer home that needs no work. Buying your forever home also requires that you consider all of your mortgage options and decide how much to put down on your new home.