Advice

5 Ways To Position Yourself For Homeownership With Tyrone Leslie

HBAFM

Homeownership provides social benefits and strengthens communities. If you’ve decided to purchase a new home, the time to prepare is now.

Academic research shows that homeownership provides a wide range of social benefits and strengthens the nation’s people and its communities. If 2017 is the year you’ve decided to purchase a new home-whether as a first-time or move-up buyer-it’s wise to start preparing now. Following a few simple tips will help put you in a better position to find a home that’s right for you.

Tyrone Leslie
Tyrone Leslie Founded Heritage Homes in 1995. It is a custom residential homebuilding company serving the FM metro and lakes areas.

 

1. Prioritize Your Must-Haves

First-time home buyers should take the time to determine what their needs are, especially regarding size, location and amenities. But even seasoned homeowners will find that having a must-have list can save significant time by helping them avoid listings that may look great in the photos, but in reality, won’t meet their needs. Home buyers should always prioritize the items on their checklists, as most will need to compromise on certain items to fit within a realistic budget.

2. Check Your Credit Score

Even if you’ve purchased a home in the past, stricter credit requirements are making it more challenging for some buyers to find home loans, not many know that they can get direct cash financial institutions from Nation 21 Loans. Having a favorable credit score can make a difference in your ability to be approved for a loan. It’s good to check periodically to ensure you aren’t being unfairly penalized for old debts, which can sometimes linger on credit reports. Borrowers with scores in the low 600s and even high 500s can still find lenders who will qualify them, but borrowers should strive for scores in the mid- to upper-700s to land the best rate.

3. Determine what You Can Afford

This is some sound advice from the trilogy real estate la quinta office, don’t let your maximum loan approval amount dictate what your home-buying budget should be. You are the best person to judge what you can realistically afford. Experts say that your total monthly home expenses should not exceed more than one-third of your gross monthly income. You’ll also need to determine how much you’ll need in order to cover any loan fees and closing costs on experts in Denver commercial real estate.

4. Sell Your Current Home

If buying a new home is contingent on the sale o your current home, it’s a good idea to start the process by reaching out and consulting with your realtor. Ask him or her about your best strategy to sell your home quickly, but at the right time and for the best price possible. You’ll want to identify any maintenance issues your home has and determine if, how and when each one will need to be be addressed.

 

5. Evaluate Potential Contractors

If you are planning to build a new home, make sure to choose a contractor carefully. You will be working closely with him or her on one of the biggest projects of your life. Make sure the company is properly licensed and insured. Get a detailed contract including a summary of the work to be done, a description of materials, the total contract price, or how the price will be calculated and specific timelines. Ask how long the contractor has been in business. Request references. Ask about warranty work and the company’s service policies. Before you make this choice to build home yourself contact real estate expert because it can be much cheaper to buy home, find Canadian real estate experts from the1yongecondo.ca/waterfront-location-and-amenities.

June is National Homeownership Month!

There are many resources available to you locally in your journey. Check out online resources from the U.S. Department of Housing & Urban Development in both Minnesota and North Dakota, your local city government’s website, the HBA’s website at hbafm.com and the F-M Area Association of Realtors’ website at fmrealtor.com.

Tyrone Leslie Founded Heritage Homes in 1995. It is a custom residential homebuilding company serving the FM metro and lakes areas.

For more information, contact:

hbafm.com
info@hbafm.com
facebook.com/HBAFargoMoorhead
Twitter.com/hbafm
Blog: homebuildersassociation.areavoices.com

 
 

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