How to know that you found the right house to buy.
Buying your new home is one of the biggest financial transactions that you’ll ever make, yet too many people rush into it with barely a second thought. Whether you’re a house-buying novice taking your first tentative step on the property ladder or need a helping hand seeking out the perfect home for your retirement, check out these steps on how to pick the right home for you.
As a rule of thumb, traditional mortgage lending principles allow borrowing up to three times your gross annual income. While you may be able to borrow more, there’s no point buying a house of your dream if it’s going to turn into a financial nightmare. Your repayments should not be any more than 35 to 40 percent of your net monthly income. If your ideal home is in the red, it’s time to reconsider your purchase.
Once you’ve worked out what you can afford, remembering any costs for improving the property, you should find out whether the sort of property you want is available in the area that you want. It’s possible that you’ll have to compromise on some aspects of the home, so be prepared to be flexible. The best way to conduct your house hunt is to use a real estate agent who is a local professional.
A handful of considerations are:
When you house hunt for the idea home, let Eastland Escrows help you with your escrow needs. Contact us today to get started on your escrow process in Covina and nearby cities in California.