The American dream has always been to own a home of your own, one you can paint the walls any color you choose and rip up that ugly carpet and lay down hardwood floors if you so choose. The problem is that finding the right home can be a daunting prospect, requiring patience, endurance and of course, money. To brave the real estate market and find the right Homes For Sale in Union KY, might take a little help. Following are some tips to help you on the path to home ownership.
BEFORE BUYING PAY OFF OLD DEBT
Buying and owning a home IS more expensive than renting a home, so every dollar should be available to help. With this in mind, smart buyers should approach home buying with old debt paid off and a stash in the bank for emergencies. By getting into a home with no debt except for the mortgage, owners can pay off any broken water heaters or storm damage in cash rather than taking on even more debt.
DECIDE AHEAD OF TIME ON A HOUSE BUDGET
While your income level may state you can afford more house than you thought, the smart buyer will under buy a house. This means finding a house that can be easily be afforded, even when times are tough. Many sites have calculators that help home buyers find a price range; the smart idea is to calculate your take-home pay per month and multiply that by 25% to establish a realistic mortgage payment. Then use mortgage calculators to look at houses that come up in that range. However, take in mind that this number does not include taxes and insurance so a buffer amount should be added.
SAVE FOR A DOWN PAYMENT
There are many mortgage programs available that will get buyers into Homes For Sale in Union KY with little to no down payment. However, financial experts don’t recommend these in most cases. Instead, if you can’t afford to pay cash for the house of your dreams, at least save up to put 20% down. These same financial experts also recommend no more than a 4% interest rate and, ideally a 15-year mortgage.
With your finances firmly under control, home ownership won’t be stress so much as an enhancement. Once finances are under control, contact Culbertson Real Estate Group for help in finding your dream home.
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