Owning a home remains a key component of the American dream. It’s the place where you create cherished memories. It’s your sanctuary in an increasingly hectic world. It’s a reflection of your lifestyle, your tastes, and your style.
It’s also where you can begin to build wealth for your future. When you rent, you pay every month to live in someone else’s home. Owning means that those monthly payments, over time, accrue back to you in the form of equity. History shows that homeownership has been a primary path to household wealth for most Americans.
But not everyone can or should own their own home. For those without the needed, regular income, or for those who don’t plan to stay in their home for more than a year or two, homeownership may not be the best solution in the moment. Before you decide to purchase a home, do your homework and let us help!
Here are the basics to get started.
Talk to a mortgage banker to understand how much home you can afford and get prequalified or better yet, get an approval letter. That means you’ll be able to narrow your search and feel comfortable making an offer quickly, especially important when the housing market is tight like it is now. Generally, it’s recommended to look for homes that cost no more than 3-5 times your annual household income, but a multitude of factors can affect your situation.
Start calculating your budget which includes your regular monthly expenses, savings, and backup for unplanned emergencies. Then, add in your down payment goal, expected mortgage payments, anticipated home maintenance costs, and a buffer for expenses like moving and home upkeep within the first few months.
How far from work will you be willing to live? What kind of neighborhood appeals to you? How many bedrooms and square feet do you need to live comfortably? How will you accommodate your hobbies and lifestyle needs? Make a list and prioritize from must-haves to wouldn’t-that-be-nice. Know what you’d be willing to give up if a desirable home came along at the right price, even if it doesn’t cross everything off your list.
Of course, you should start with the Parade of Homes, an amazing resource to see the variety of new homes and neighborhoods on the market, all priced accurately so you can compare real costs. If you’re looking into new construction, the tour is a low-pressure way to explore all different styles and layouts, while getting a feel for what each neighborhood has to offer.
When you find the home you want, write up an offer. If you hire a Realtor, they will help with this paperwork, timeline, and any contingencies you are including.
Make sure all your ducks are in a row. You may have to complete a home inspection, increase your offer, confirm with your bank, purchase homeowner’s insurance, and finish A LOT of paperwork before you can call this new place home. On signing day, have extra funds prepared to cover closing costs, typically an additional 3-5% of the sale price. Then, it’s official — you’re a homeowner!
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