Perhaps you’re ready to buy a home. Maybe you’re recently married and you’re ready to start the next part of your life. Labrador, a picket fence- all that.
The path to buying a home is less straightforward than it was for earlier generations. The path now is a complicated road full of hurdles and expenses that require creative solutions- and some straightforward ones.
Know Your Credit Score
An old rule of thumb. Your credit score is the adult version of your permanent record. Depending on how well you’ve managed it, it haunts you like a malevolent spirit or like Casper.
If you’re ready to buy a home, chances are you’ve either been grooming your credit score or you’ve given it a chance to rebound from former tribulations. Those student loans, car payments, and electric bills you managed to pay on time, month after month, all pay off now. But, even if your credit score is less than excellent, there are ways to compensate.
Now is perpetually the time to invest in good habits. Start making your payments on time, don’t close unused credit cards- this is an account to debt ratio thing- and, if possible, give yourself time. If you can’t give your credit score time to rebound, explore different types of loans to meet your circumstances.
Don’t Stress the Down Payment (Too Much)
You’ve probably had people- parents, columnists, economics professors- tell you to put 20 percent down as a down payment. If you can do that, great; it will make your banker happy, but the reality is that only about half of all homebuyers put 20 percent down as a down payment. That means the other half are putting less than 20 percent as a down payment. The expectation isn’t fixed. Do what will work for you!
Give and Take
The quality of your life- your success- in large part, is determined by your ability to be flexible. Everyone has an ideal version of their future home. It’s no coincidence that people desire homes that are more expensive than other homes. This is part of a successful market strategy to raise the desire for some homes while diminishing the desire for other homes.
Some of this has to do with quality (and location) but a lot of it has to do with the way the market is constructed. There’s no reason that you should exclude a different home twenty minutes away from the home you wanted in the first place because it doesn’t meet all of your initial expectations. So much of what you think you want is a product of good advertisement and ease. (The “best” real estate agents sell the most expensive homes.) Be willing to sacrifice on things like distance of commute to gain on things like square footage. There’s always a silver lining- or two- somewhere.
You already know this one. You’ve been planning for it since before the time you realized it was time to buy a home. That being said, you can’t rely entirely on what you’ve accumulated in your savings account to buy a home.
If you make less than 40,000 dollars in total household income, it may not be possible for you to buy a home in any market. You want to be pulling close to 80,000 dollars in total household income before you buy a house. You want to get your total income up to the standard of a competitive market before you put yourself out there. If are ready to buy a new home, contact Vitale Homes. They can build the home of your dreams for you.
Vitale Homes builds new single-family homes in both large and small master-planned communities as well as self-developed neighborhoods throughout the Tampa Bay area, with a particular understanding of the Land o Lakes, Wesley Chapel, Hudson, New Port Richey, Odessa and surrounding towns of Pasco and Pinellas counties. Whether this is your first home or twentieth home, you’ll experience the Vitale Difference of personalized customizations, exceptional included appointments and finishes, upgrades, and energy features often above industry standards and always above expectations.
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