How Ready Are You To Be a Home Buyer? St Petersburg Home Inspector.
Top 5 Traits of a Home Buyer
If you can buy a home for around the same amount you would pay in rent, and don’t mind staying put for a while to build equity, becoming a home buyer might be a good decision.
A buyer who conforms to the market.
If you are the type of buyer who says, “Every home on the market is overpriced; I’m not paying that much,” then you are not conforming to the marketplace. Serious home buyers research the market and have realistic expectations.
A buyer who has savings — enough to put 2 to 3 months of mortgage payments in reserve.
Mortgage lenders want buyers to have a reserve. You should not take every nickel you can rub together and throw it into your home purchase. You will need a small emergency fund.
Video Credit: TIME
A buyer who has the resources and time to maintain a home.
Homes require upkeep. You’ll have a lawn to mow, windows to wash, furnace filters to replace, and you may need to tend to minor repairs from time to time.
A buyer who is employed with at least two years on the job.
If you don’t have two years of employment at the same company, then two years in the same field will suffice. Lenders expect to see stability in your employment history.
A buyer who plans to stay in the area.
If your state of residency is uncertain, it’s probably a good idea to skip buying a home. Some buyers who relocate are able to rent out their home, but handling a rental long distance is not always wise. You don’t want to be forced to sell when you don’t have enough equity to pay commissions and the other costs to sell.
Hudson, West Chase, Tampa, St. Petersburg, Palm Harbor, Tarpon Springs, Safety Harbor, Clearwater and surrounding areas.
These are the services we provide after you purchase your new Home.
Credit for the blog: Elizabeth Weintraub.