4 Factors to Consider When House Hunting
If you’re thinking about buying a home, it’s important get your search off on the right foot. Here are some important factors to consider when choosing the right home!
What’s Your Price Range?
Price point is the primary determining factor for homebuyers. Key factors in determining your price range are your monthly income, available funds to cover your down payment/closing costs, your monthly expenses, and your credit profile. To calculate how much house you can afford, a good rule of thumb is using the 28%/36% rule, which states that you shouldn’t spend more than 28% of your gross monthly income on home-related costs and 36% on total debts, including your mortgage, credit cards and other loans like auto and student loans.
Having a firm idea of where you would like to live helps you get started on narrowing your home search. Whether it’s within an easy commute to work or just an area that fits you and your lifestyle, finding a home in the perfect location is crucial. Location also plays a major role in determining the cost of a house. If the home is in a popular metropolitan area, you will likely see houses with high prices unlike homes just outside of city limits that can offer more for a lower price. Be sure to make your decision based on what works best with your budget and needs.
Safe and Secure
Your safety and security are top considerations for every home buyer. Areas with higher crime rates often offer more affordable housing, but is the difference in price worth taking a risk on your safety? This factor can also play a major role in the resale value of your home. A simple yet thorough online search will reveal facts and statistics that can tell you everything you need to know about the safety of any given neighborhood.
Get Schooled on Local Schools
If you have kids or are planning to have kids, the quality of a school district may be one of the most important factors that determines the location of your next home. Do your research by getting started with an online search to look at school districts, or even specific schools. Different sites offer test scores, rankings and demographic information, including student diversity by race and gender, the percentage of students on free lunch programs and the student-teacher ratio to help you develop an opinion of the schools and school districts you’re considering. SchoolDigger.com is one of many sites that pulls much of its information from public record, and then compiles it to provide a more comprehensive look.
Having a trusted realtor and loan officer on your side during the house hunting process will help you find the right house at the right price. Get started today by contacting one of our experienced loan officers!
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