5 Questions You Should Ask Yourself Before Buying a New House In Arizona
Buying a new home is exciting. You get to find the next place you are going to live – maybe even the place you will live your whole life. You may be buying your first home, or you may be buying the home that you’ve always dreamed of having. Big changes are ahead, and that can be thrilling.
Before you dive head first into the home buying process, there are a few things you’ll need to think about. In fact, you should likely answer a few key questions before you even call your real estate agent. That way, you’ll be able to focus your conversations and your search so you can find the perfect home fast. Here are a few questions to ask yourself to evaluate your needs before entering the Arizona real estate market:
What’s Your Budget For Buying a Home?
Most people don’t have a good understanding of how a home’s price translates to a monthly mortgage payment that includes interest, mortgage insurance, home insurance, and property taxes. So, rather than focus on an amount for the home, it might be better for you to focus on an amount that you can afford to pay each month. Then you can use a mortgage calculator to figure out a rough estimate for how that would translate into a home price.
Your monthly payment should not be more than 35 percent of your pre-tax income. That’s the guideline that mortgage lenders are going to use, and it’s the guideline that will help you avoid getting into any financial trouble by trying to take on more home than you can actually afford.
Are You Financially Prepared To Purchase a House?
When you apply for a home loan, the bank is going to put your finances under a microscope. If there are any weaknesses or trouble areas, the bank is going to find them quickly, and that can derail your application and your ability to buy a home.
Take a hard look at your finances now. Pull your credit report and make sure that everything is correct. What is your total debt amount? How does that compare to your income? Do you have any delinquencies? How long have you been at your job? Do you have any savings or other assets? These are all questions that a bank is going to ask, and each of these issues can make it hard for you to get financing or can increase your interest rate.
What’s On Your Must-Have Home List?
You can help your Mesa real estate agent get a better idea of what you like while also helping yourself to focus your search by creating a list of what you’re looking for in a home. Start with your “must haves,” such as how many bedrooms it should have, overall size, fenced yard, and so on. Then make a list of “nice to haves,” such as wood floors, granite countertops, or a gas fireplace. End by making a list of things the house absolutely should not have, such as problems that need to be repaired or safety issues.
Each of these lists will be different for each person, so be thorough and specific to help your Mesa real estate agent get a sense of what you want and need in your home. Your agent will use your list to find the right listings for you to review. Your agent will also use your responses to these listings and to the homes you tour to further refine your search.
Where Do You Want To Live?
The location of your future home is just as important as its characteristics, if not more so. Spend some time thinking about where you want to live – not just the city but also the area. Learn about the different areas in the city, and then learn about the different neighborhoods within those areas. You’ll want to consider things like crime rates, school quality, public transportation, commute, and local recreational spots and businesses.
When Do You Want To Move?
Finally, decide on a time frame for when you’d like to move into your new home. You may have to adjust your timeline based on when you find the right home and when you can close, but you should have a general time frame in mind when you start out. That timing will let your Mesa real estate agent know how aggressive they need to be in the search or how flexible you can be.
Working through these questions will help you understand what you are really looking for and need in a new home. You can then give that information to your real estate agent, who will then be better able to find the perfect home for you and do so more quickly.
Hire a Reliable & Professional Real Estate Agent In East Mesa
The Trails and Paths East Mesa realty team is ready to help you find your next home in the Mesa and Las Sendas areas. Our experienced and dedicated team will work with you through every step of the process to find the perfect home for you. Our realtors are up-to-date on market trends, and they know the area neighborhoods inside and out. They can offer expert feedback and guidance to help you evaluate homes and ensure you are making the right choice. Contact us today to schedule a consultation with an East Mesa realtor and get started on your search.
East Mesa Realtor
2913 N Power Rd #102
Mesa, AZ 85215
Phone: 602-618-9512
Email: [email protected]
Website: https://www.trailsandpaths.com/