3 Things to Think About When Buying a New Home

loveland co real estate

There are a number of considerations that must be made by new homebuyers. The following reviews the top three things to think about when buying a new Loveland CO home:

1. Your Budget and Credit Score –

Preferably, you need to be able to put 20 percent down on a home in order to get a mortgage for the other 80 percent of its value. This means that if you want to buy a home that’s $350,000, having $75,000 upfront is ideal. While getting a mortgage for more than 80 percent is possible, it’s not the most ideal situation and can result in a higher interest rate. In addition to your budget, you also need to learn what your credit score is and how it will affect your ability to buy. A strong credit score can save you thousands of dollars over the course of your mortgage.

2. Home Location and Type –

Once you know how much of a loan that you can qualify for and how much of a monthly mortgage payment you can afford, the next step is thinking about your preferred location and home type. From old Victorians to new high-end developments to condos and more, the list of home types is endless. If you have children, the school district where you live may be an important factor; if you have pets, a dog park in your community may sell you; if you’re retired, a development that offers yard services can be key. Of course, building and designing your own home is always an option, too. Buying a home is a big investment – knowing exactly what it is you’re looking for from the get-go will help you eliminate those things that you don’t want, and can help to ensure that you’re making a purchase that you’ll love.

3. How Long You Want to Live in the Home –

The duration that you plan to live in the home that you’re buying can affect a multitude of things, including whether or not you’re willing to invest in a fixer-upper, where you should buy based on home trends, what your potential is for making money, and how much the home is currently worth to you. If you don’t plan to live in the home for a long time, choosing something that is likely to appreciate in value or is in a good area for renting is best. Buying a home is a big decision. Before signing, make sure you consider your budget and credit score, think about home location and type, and determine how long you want to live in the home.