Subscribe and receive email notifications of new blog posts.
RSS Feed
18
Saving For A Home? Here's How You Can Tell When It's Enough
Buying a home is a major investment. You don't just pick a home and write a check. There is a process that you have to go through. If you've never looked into what it takes to purchase a home, you will be surprised at the different steps you have to go through. Our real estate agents understand the confusion, and sometimes frustration, of new home buyers who get bogged down in the process. When you make the decision to start looking, the following steps will help you figure out just how much you will need to start out.
-
Know how much you can afford – Remember that you will need to be able to come up with roughly 25% of your home's purchase price before you even place a bid. Look at your income and expenses and figure out how much home you can afford. It's a good idea to talk to a lender and find out how much you will be approved for. This will be your starting point.
-
Figure out a budget – The next step is to start putting money aside for a down payment. If you can pay off some of your smaller debts, you can funnel that money into a down payment account. Take a close look at your budget and find out where you can cut expenses. Every dime you can put in your down payment account will make your loan payments smaller.
-
Down payment – If you are looking for Westchester County homes for sale, you can plan on having to put approximately 20% of the home's purchase price down as your down payment. This is considered normal in most areas. If you are lucky enough to find a home that meets FHA guidelines, you won't have to put as much money down, but your payments will be considerably higher.
-
Closing costs – Closing costs normally average about 4 to 5% of the cost of the home. This will cover all of the title work and deed transfers that are required by the courts. Your real estate agent will be able to answer any questions about what is included in the closing costs and how they will need to be paid.
-
Moving Expenses – Moving expenses will vary from sale to sale. If you are moving from across the county and doing everything yourself, the cost will be much lower than if you are moving from across the country and are hiring a professional moving company. Once you have placed a bid on a home, start the packing process and box up the things you don't use on a daily basis. This will save you a lot of time and frustration if your bid is accepted and you are all of a sudden on a tight deadline to get moved.
Once the decision has been made to buy a house, you need to get a realtor to help you figure out the details. Contact us as soon as possible, and we can streamline the buying process. The sooner you have one of our agents working with you, the quicker the task will go!
Corporate Headquarters
7 E Central Ave, Unit 15, Pearl River, NY 10965Phone: 800-ASK-JOYCE (800-275-5692)
