With the economy going haywire, buying a house is becoming an expensive decision with every passing day. As such, millennials have to choose between paying off their student loans or mortgage payments, which is a tough call.
Yet, statistics show that 75 percent of millennials in the United States say that buying a house is a priority for them. We guess the American dream of having your own house with a white picket fence is still very much alive!
If you’re in the same boat, take a look at this comprehensive guide to making the home buying experience easier on your mind and your pockets.
Most people are under the impression that buying a house is only as expensive as the price of the house. However, there’s a lot more money to be spent when buying a house—property taxes, insurance, and the cost of maintenance are just some of the hidden costs you should be wary of.
To account for all of these expenses, do the math to assess if right now is the best time to buy the house. Make sure that your income, savings, and budget are in line with all your home-buying decisions.
Do a little financial research
Compare the costs of renting or buying a house and see which one fits best with your goals in the future. If you’re planning to start a family soon, you’d probably want to buy a house. This step of the process will help you ensure that you have enough money for the down payment on the house.
You should also check your credit history and see if you’re eligible for a loan on better agreement terms. Other than that, you should also weigh the extra mortgage payment and decide whether sacrificing your emergency savings is the best decision for you in the long run.
Study the neighborhood
Love at first sight isn’t the answer when you’re looking for a house.
While this may be a time-consuming step, it’s just as important as any other. This step will help you assess the value of your surrounding properties and determine whether the house you’re interested in is overpriced compared to the others in the neighborhood.
This will also help you compare houses in different districts based on how close they are from your workplace, nearby food places, and family and friends.
Consult an expert
Since the process of buying a house is complex, and the financial aspect of it is already likely to take a toll on you, it’s best if you consult an expert to help you make the right buying decisions.
You can find a professional real estate agent who is well-versed in the latest real estate trends of the area. Not only will it help you find the perfect house and allow you to get rid of the hassle of filing the necessary documents, but it will also get you the best deal on the table.
If you’re looking for a real estate agent who checks all these boxes for you, get in touch with our expert realty services in Fayetteville! Phillip Fehler is a residential real estate agent who works with Fathom Realty and has helped countless clients land their dream houses at the best price. Get in touch with us today!