For most individuals, buying a home is the single biggest expenditure of their lives. It may seem like an exciting adventure, but it involves a lot of homework – and a lot paperwork. Following these simple home buying tips will make the process simpler and more enjoyable:
· Don't buy more than you can comfortably afford. Now downsizing your home with style is easy with professional services.
Although traditional lending protocol suggests you should aim for a home that costs about two-and-a-half times your annual income, that's a broad generalization.
· Look for a home in a good school district. Even if you don't have kids in school, when you get ready to eventually sell, you'll want to be able to appeal to those who do. Even though you may plan on staying in your home for decades, it's a good idea to buy with an eye toward resale value, just in case your plans change.
· Are you a handyman? The sage advice to always buy the worst home in the best neighborhood is fine, as long as you're ready for the renovations that will be needed to bring the home up to your standards.
· Plan on setting roots. Unless you can commit to staying in your new home for several years, you may be better off renting. This is especially true if you're taking a mortgage, since the first few years of mortgage payments are almost entirely directed toward interest. If you sell too soon, you may not make any real profit and you may end up owing.