7 Things to Consider When Buying Your First Home
So you've decided to purchase your first home. Congratulations! Buying your first house is an exciting chapter in anyone's life, but it can also be intimidating. After all, this is probably certainly the most significant financial decision you've made to date. But as your Sacramento RE/MAX Real Estate Agent, it's my job to help you during this process. Here are seven things to consider when buying your first home in the Sacramento area.
Keep Monthly Costs in Mind
When calculating your monthly housing budget, it's a good idea to factor in all potential expenses, not just the purchase price and mortgage. Property taxes, insurance premiums, energy bills, and other recurrent fees can vary greatly between homes, so make sure you understand what to expect.
Consider the long-term financial commitment in addition to what you can afford: A higher-taxed property in disrepair will necessitate a continuous commitment from you, which could put a significant strain on your finances. A more expensive, well-maintained house with lower taxes and fewer expected maintenance expenditures, on the other hand, maybe more financially beneficial in the long run.
Investigate how smart features such as energy-efficient windows, home security, and solar panels can help you save money on energy and insurance.
The effect of interest rates will vary depending on the sort of mortgage you obtain. If you choose a floating-rate mortgage, the number of your mortgage payments may fluctuate in tandem with interest rates. A fixed-rate mortgage locks in your interest rate regardless of where interest rates move.
Small variations in the interest rate you might obtain can easily add up: For example, a 4.125 percent interest rate will save you more than $4,400 over the course of five years when compared to a half-point higher mortgage rate. When you're ready to buy, you should think about interest rates to guarantee you get the right mortgage. However, whether the interest rate is cheap or not, don't hurry into purchasing a home you're not convinced about.
Your first home is a lifestyle decision as well as a financial one, so consider your commute to work and the price tag. Test-drive or ride public transportation along the route you'd travel to work during commuting hours. Also, if you work strange hours, be sure you have transportation.
School Districts in Your Area
School quality is a significant issue for homeowners with small children and those wanting to become parents when purchasing a home. Keep in mind that school rankings aren't necessarily the best indicator of achievement because they can change quickly. Instead, look at the school budget histories of the places you're interested in to discover if residents have historically prioritized education funding. Neighborhood statistics can be found at www.city-data.com.
Community & Entertainment
Perhaps you enjoy live music, the theater, or great nights out on the town. Or perhaps you are really civic-minded and enjoy participating in initiatives that improve and strengthen communities. Whatever your interests are, check for your community's website and social media accounts to learn about the activities it has to offer.
Make "listening trips" for trucks and trains before you buy, especially late at night or early in the morning, when sound travels longer. The more you know ahead of time about noise levels, the better informed you'll be about your potential purchase.
Find the Best Sacramento Real Estate Agent
Consider hiring an experienced professional to represent your best interests. An exclusive buyer agent will cost you more money, but he or she will bring the knowledge needed to navigate a complex real estate market and help you make a wise purchase. As your agent and neighbor, I can help you find the best homes for sale in the Greater Sacramento area. I have access to the top listings in the area and I am confident we will find your perfect home. Be sure to follow me on Homes By Michael Larson Facebook page to stay up to date on all my latest news. You can also check out what's currently on my properties list.
Take In The Home Buying Process Experience
Purchasing your first house is both a journey and a goal. Take the time you need to do what is best for you and your family, plan ahead, and, most importantly, have fun exploring this new stage of your life. You'll be glad you did! Contact Michael Larson today to find your next home.