Before parting with your hard-earned money for an Allenstown real estate property that you like, you need to go through a lot of thinking, assessing, and rethinking of several factors. Buying a home, especially a new one, is no laughing matter, as it involves not only your family’s finances but more importantly, their future. So if you’re at a point where you are about to pull the trigger in a home deal, make sure to ask these important questions first before sealing the deal.
- What can be considered the best home for my family? – the very first thing that you should ask yourself is what makes a particular home the best fit for your family. You need to determine and list down what your family’s specific needs and requirements are when it comes to living in a new house. Some of the things you need to consider are the location of the house, the neighborhood and the safety it offers, and the key features, among others.
- How much should you offer for the property? – once you have laid down the need and requirements for your family, the next thing you should deal with is the price that you are willing to offer for the property. Ask yourself that question and come up with a price offer that the home buyer will find very hard to refuse. Another great tip is to set aside some money for a down payment, which should amount to at least 20% of the property. This will put you a step ahead of the competition.
- Can you really cover the monthly payments? – while coming up with a price offer, you should also ask yourself if you can truly afford the monthly payments for the house. Keep in mind that the remaining balance outside of your down payment will be charged interest, and you will have to pay for a fixed amount for the next two to three decades.
- How much do you have to pay for the insurance? – you also need to find out how much the Bethlehem real estate homeowner’s insurance will cost you. There are two scenarios: first, if you bought the house in cash, you need to find an insurance provider who can give you the best deal possible. Second, if you opt for a mortgage, the insurance cost will already be spread throughout your monthly payments.
- How much will the closing cost be? – lastly, you need to find out how much the closing cost is, and you need to prepare for it. Usually, closing cost amount to 2% up to 5% of the home’s selling price.