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Searching for a New Home
Author: Mlive | January 28, 2020
Home Search
You have decided to take a huge step in your life and buy a house. But with so much to consider, searching for a new home can be daunting – especially when you’re not sure where to start. Luckily, Get Movin Realty makes the process as simple as possible with our easy-to-use dashboard and proven process. After you register for an account with us and take advantage of these tools, it’s also helpful to ask yourself these questions when trying to narrow down your search.
What’s my price range?
For most people, the cost of the home will be the single greatest factor in sorting through the options available to them. It’s crucial to have your finances sorted out and a budget in place before you start the search – that way, you’ll have a good idea what you can afford. Once you have that number in your head, you can make your life much easier by only looking at homes priced in that range.
Where do I want to live?
Location is one of the most important words in real estate for a reason. Not only will it help determine the quality of life and the environment surrounding you, but certain zoning and building restrictions may make a difference in your search. For instance, they can affect the price or ability for you to make renovations or additions to the house in the future. Plus, where you live affects what schools your children attend and the taxes that you pay.
How large of a home do I need?
How much space you need in your new house will depend on your situation in life. Are you a young person who just landed a job and wants to invest in property with the thought of upgrading in a few years? Then a small house with a couple of bedrooms can serve as a great starting point. If you have a large family with children and pets, you may need more rooms and square footage to accommodate everyone.
What is the state of my current financial standing?
When searching for a way to finance your home, lenders will consider financial metrics that determine if they are willing to loan you money – and how much. For instance, your FICO score measures your ability to pay off your debts and gives lenders a good idea of how likely they are to receive their investment back. Each lender is different, but a score above 600 should open enough doors for you to get a good deal.
Another important metric is your debt-to-income ratio. This compares your level of debt to how much monthly income you bring in. Aside from a few exceptions, federal law states that this ratio must be at most 43% for a lender to offer you money.
Find Your Dream Home
When you are searching for a new home, make sure you have outlined the specific criteria that you are looking for. With that information on hand, you can weed through the many houses that don’t fit your needs and focus on the few that do. To get started on your search, check out Get Movin Realty’s real estate listings or contact us today.