So you’re currently in the market for a new house. Congratulations! Shopping for a new house can be quite the exciting venture, and you’ve surely worked hard to get to this point. Now you’re probably wondering what your next step is so that you can find the perfect house for you. Now is the time for you to figure out some of the fine details, like what type of house you’re looking for, what kind of area you want to live in, and how much you’re willing to spend on a new house.
Researching Potential Locations
There’s a lot to consider when in the market for a new house, with one of the most important being location. You must have heard of the real estate mantra location, location, locations.
Other things to consider related to location include:
- City, suburb, or rural? Do you have a preference?
- What’s the overall feel of the neighborhood? Are the neighbor’s friendly?
- How safe is the area? Reports are available with this information.
- Checking out the school district is a must if you have children. Are there plenty of good schools in the area?
- How close/far is it from where you work? How far are you willing to commute?
- Public transportation – many people hate long commutes
- How close/far will your family and friends be?
- Are there things to do, fun activities in the area?
There are a few things you can do that will help you prepare and therefore get the best deal when buying a house. This includes things like making sure you have a credit score of at least 660 and saving enough money for a down payment. You can also find a lender to see if you can get pre-approved for a home loan, which will help the house buying process go much smoother. The important thing here is to make sure you’re choosing houses within your budget.
You’re going to need to make a down payment when buying a new house. Although the amount of a down payment is going to be dependent on a few factors and therefore will vary, you can expect to make a down payment that’s equal to about 20% of the value of the house. Although you may qualify for a lower percentage, understand that when you make a higher down payment, your monthly mortgage is going to be lower, saving you money over the long run. Within the same neighborhood you could be paying half the mortgage your neighbor pays, just because you chose to put the entire amount you got from selling your last house. There are all kinds of mortgage calculators on some real estate sites First Time House Buyer Buying a house for the very first time tends to be a fairly simple process. Especially when compared to someone who already owns a house, which means they have to sell it before they’re able to buy a new house, making the process much more involved. There are a variety of first buyer programs available in Minnesota that can assist first time home buyers, making it worth your time to check them out as they could potentially save you a lot of money.
Why XTP Realty
It’s simple. Finding the right real estate agent is going to help you find the house of your dreams. At XTP Realty, we have the professionalism and expertise you need when you’re in the market for a new house, which is why we invite you to contact us now so we can 1. help you through the house buying process, and 2. assign you a personal agent.
Need a professional real estate agent in Minnesota?
We can help! Call us at 218-844-3210 for more information.