Tag Archives: pacific transfer

How do you know if it’s the Right Time to Buy a Home?

16 Nov
A house and a clock

Is it the right time?

You may have thought buying a home would be a great idea, especially if your family is growing in size. But before you make that final decision, there are some important questions that you should seriously consider.

The following questions will actually help you identify the right time to purchase your first home:

  • Do you see yourself living in your new place for a long time? If you think you are unable to remain in one location for at least two years, it may not be the wisest idea to own your own home. Just the cost of the transaction involved in buying and selling homes can easily result in a loss of a considerable amount should you choose to sell your property sooner, even in the rising market economy. Obviously, when market prices are going down, you can expect an even worse scenario.
  • How is your credit history, is it clean? If you’re not the top 1% most likely, you will be required to secure a mortgage for your new home purchase. In this case, it is a must that you check and ensure your credit history is free of any issues that could complicate your approval of the mortgage. A few weeks or months prior to searching for a home, you may want to pull up your credit report copies. All the facts you’ll need can by acquired by a simple inquiry into any of the 3 credit rating agencies.
  • Can you afford this new home? Normally, you want to buy a home two and a half times your yearly salary. Hands counting coinsAnd there are online calculators you can use at your convenience for better income management. Factor in your debt as well as expenses that could directly affect the amount you can afford.
  • What about children?  One of the most important questions that will affect your decision is if you have children. And of course what about your children going to school? So if you do have children, you will most certainly want to pick a property in a location surrounded by good schools. The big positive about it however, is that choosing a home with good schools in the area is a good option regardless if you have kids.  In the future, should you decide to sell your home, the buyer will be that much easier to find. Strong school districts are top priority for many homebuyers. And usually retain prices a lot better.

If you are unable to come up with a now usual down payment requirement of 20%, do not worry. You may still be eligible to qualify for a loan. There are public as well as private lenders that provide low-interest mortgages if you’re qualified. Sometimes you can even get as low as 3% down payment of the whole price. Be on a look out for these, ask your friends and family members, even ask that they ask their friends and make sure to follow up and be vigilant in choosing your lenders.

So now that you have found a lender, answered all the questions and calculated your income, only now you can start looking for your dream home. Don’t rush and don’t jump in the first good looking “deal” you find. Remember it’s most likely going to be the biggest purchase you make in your entire life. Give it some time to ripen.

Thank you for your readership, make sure to leave some comments, questions and for more info on buying and selling real estate make sure to read the Pacific Property Transfer Squidoo page.

Concerns when Buying a Home

7 Nov

Buying your own home is probably a dream you had since you were a child. When you finally get to it, you might find that it is as

Perfect Dream Home

Your Perfect Dream Home

exciting, as it is stressful at most times. Sometimes, it is because it is one huge financial investment and you are pressured to not make any mistakes. Sometimes, it is because you have so many options. On other occasions, you simply don’t know where to start.

So what exactly do you want?

You, too, have probably been asked to draw, paint or make a poster of your dream home when you were younger. As you had the freedom to make your dream home into anything, you may have drawn the most elaborate home that you had ever imagined. However, it may not be the case when actually buying a home. Oftentimes, you’d be restricted by different factors that will make you trim down the home that you want into the home that you actually need.

How big is the home that you’d like to buy? This often depends on the size of the household. Are you single? Are you getting married? If you are, are you planning to have children? Where do you want your home to be located? Do you want to get a home in the city or in the countryside? When choosing a location, you’d also want to consider many factors such as accessibility, proximity to your work place and availability of public transport. You would also need to consider the kind of environment. Is it safe?  Is it crowded? If you are concerned about your health, and generally, you should be, you’d also want to look for a location with fresh air, plants and trees in the neighborhood.

The list of your requirements for what you want could go on and on. If you have a real estate agent, discuss with him or her all these requirements that you have so he or she can help you better in getting the home you need.

Your Home SliceWhat’s your budget?

How much can you afford is a big question as well. Some may advise that you’d need to set your budget first before setting your requirements. Others do it the other way around. In whichever way you prefer, budget must always be defined. Once you have, determine all other financial matters that you need to help you in purchasing your home such as consolidating your debts, maximizing your money by using high-interest accounts, and checking your credit rating. That way, you will find it much easier to start looking.

Article sourced from Pacific Property Transfer.