Wazzup Pilipinas!?
Many people dream of one day getting their home. As exciting as this can be, it can also be a daunting process. This makes it essential to plan well and do your research. Getting the perfect home is more than having an idea of the number of bedrooms and type of kitchen you need. If you search online, you will surely see beautiful listings and will want to attend every open house available.
However, there is more to getting the ideal house. The process can be as seamless as possible, provided you are willing to put in the effort. It may also take a long time, depending on your market.
Cover Photo by PhotoMIX Company
No matter who you are: a first-time home buyer, or a getting your second house, this article contains a list of actions that can guide you in the right direction. To navigate the rental market successfully and find your dream house, do the following:
1. Evaluate Your Needs and Wants
In trying to get a dream house, it's nice to have a list of "needs" and "wants." Of course, the difference between the two is clear. Knowing this can help you organize your list and get your priorities in line.
In defining your wants and needs, evaluate things that are important to you. For instance, view, garage, yard, location, etc. It can give you a good perspective on the rental Nashville tn property that suits your style.
2. Start by Getting Pre-Approval for a Mortgage
One of the tasks you need to tick off your box before embarking on your search is getting prequalified for a mortgage. No matter your market, a good grasp of your budget will let you know if your dream house is within reach. When you get pre-approved, you can narrow your search based on what you have and save time elsewhere.
Getting prequalified puts you a step ahead of the game. This is because a lender already pre-approved you for up to an amount of mortgage. Sellers like seeing pre-approved buyers, so you have a high chance of success.
The pre-qualification process involves contacting a mortgage broker. You will furnish the broker with some info about your finances, which will help determine the home loan amount you can get.
3. Check out The Neighborhood
A house may tick all your boxes. However, if you don't like the neighborhood, you might be miserable while staying there. This makes it essential to see if the neighborhood fits your need and lifestyle.
Do you like going to the park and enjoying the vast expanse of green grass? Then, you don't want the nearest park to be 30 miles away. While driving around the house, ensure the neighborhood meets your needs. If you have kids of school age, you might not want them to travel for miles to get to school.
For someone still raising a family, check if the area is friendly to kids. The last thing you want is your kids playing in the street and getting run over by a drunk driver.
4. Check the Size
The size of your house also matters as it can determine if you will be miserable or love your new place. Your family’s habits and style can influence the property that fits your need.
For instance, if you like eating lots of home-cooked meals, you will likely prioritize a good and spacious kitchen with adequate amenities. Someone who works from home will probably need an extra room that can be configured into a home office.
A traditional family that values dinnertime with everyone present will need a spacious dining room. These factors will help ensure you have a functional space for your family.
Photo by David McBee
5. Clean Up Your Finances
A house is a significant financial commitment; many people take up a mortgage. To be successful, get rid of other debts that affect your chances.
When you repay your debt, you build your credit score and reduce your debt-to-income ratio. With a higher credit score, your chance of pre-approval is high. Someone with lots of debt who direct a huge part of their monthly income to debt repayment might not appear attractive to potential lenders. With too much debt eating out of your paycheck, there is a huge chance that you will struggle to keep up.
This means you need to keep your debt-to-income ratio low. Your mortgage application will be denied if it exceeds a certain threshold. As a result, reduce and, if possible, get rid of all debts before embarking on a house purchase journey.
6. Check out the Property
The compound of the house should also reflect what you want in a house. Does the architecture of the house reflect your style? Do you like a fancy garage door that brings out your house's curb appeal? These are things you need to consider when trying to buy a house.
Also, the size of the property matters, as it will determine how much you will spend on property maintenance. For instance, someone with a large yard will need to think about monthly maintenance. If you have kids who will need to play around, a house with a small yard is out of the question.
What about a swimming pool? Are you ready for the extra commitment that goes into maintaining a pool?
Photo by Binyamin Mellish:
Conclusion
Getting the perfect house doesn’t have to give you a sleepless night. You will have to invest time and effort, no doubt. This article has provided a headway on how you can successfully navigate the real estate market.
Getting the perfect house doesn’t have to give you a sleepless night. You will have to invest time and effort, no doubt. This article has provided a headway on how you can successfully navigate the real estate market.
Ross is known as the Pambansang Blogger ng Pilipinas - An Information and Communication Technology (ICT) Professional by profession and a Social Media Evangelist by heart.
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