When you’re on the hunt for a new home, it’s a different kind of shopping experience – needless to say, it’s a bigger deal than simply going to the grocery store or buying new clothes. It’s an investment that may impact you for 30 years or more, so shopping with a sharper eye and knowing exactly what you want is key when it comes to buying a home. You’re not just looking for the ideal house to live in – you’re also looking at neighborhoods, school districts, commutes, and communities. All of those factors will play a role when you ultimately decide where you want to live and create a home.
Before you dive in, here are a few tips to keep in mind as you navigate the home buying waters:
- Start with a budget and assess what you can afford. Above all, this is key – you need to choose a home that you can comfortably afford. You can create a budget for buying a home – just take a look at your current budget with all of your monthly expenses, and factor in a mortgage payment. You should also be budgeting for the cost of property taxes, homeowner’s insurance, and possibly homeowner’s association fees if needed.
- What are the “must haves” of your ideal home? Make a list. Some of the most common “must haves” for home buyers include a spacious backyard, a safe neighborhood, and comfortable square footage, but your “must haves” can include anything, especially things not simply relegated to the property you’ll be purchasing. They can include school districts, access to grocery stores and other shopping, commute length, nearby recreation, and more. You don’t want to end up with buyer’s remorse, so make sure you have your checklist.
- Reach out to one of Polam’s loan specialists to get started. We take pride in assisting our members and helping them move into their dream home, and we’re happy to help you, too. Polam offers both fixed (15 years) and adjustable rate (30 years) mortgages with low closing costs, and no prepayment points or penalties. Visit one of our branches, or contact one of our loan specialists to get started.