Green Architecture, and Smart Design

Why Sales Aren’t As Bad As You Think

American Dream Homes: Important Things to Take Into Consideration When Buying a House

The normal initial reaction when seeing your dream home is to admire it and you get very excited to purchase it right there and then, but in reality, emotions should not be allowed to cloud your judgement because a real estate is considered as a major investment. One of the best financial decisions for some families is buying a house with property taxes regarded as deductible as a form of forced savings, increasing a person’s equity, and some obtaining personal benefits. When buying a house, it is important to prioritize the cost along with the mortgage and its interest rate as well as the insurance, taxes, utilities, maintenance, and other fees.

Before buying a house, it is important to evaluate the amount the lender is willing to lend, the amount you can afford to spend, the things you are willing to sacrifice to buy a house, and the amount of downpayment you can afford. When it comes to mortgage, a mortgage lender can lend you up to 36{2da8a9e6dd42fc0efeae562cd20c2967372296fc69b688a2ec4b093696a0d01d} of your gross monthly income to be spent on mortgage and interest, but experts recommend less than 28{2da8a9e6dd42fc0efeae562cd20c2967372296fc69b688a2ec4b093696a0d01d} of a household income should only be spent for the mortgage to avoid financial difficulty. The initial amount of money required to purchase a house is between 5{2da8a9e6dd42fc0efeae562cd20c2967372296fc69b688a2ec4b093696a0d01d} to 20{2da8a9e6dd42fc0efeae562cd20c2967372296fc69b688a2ec4b093696a0d01d} downpayment from the selling price of a house. Many homeowners wind up borrowing money when purchasing a house because of not foreseeing these extra charges like closing costs consisting of homeowners insurance, appraisal fee, the fee for credit report, or prepaid expenses for property tax escrow. When looking at a potential loan, it is best to seek help from a real estate agent so you can make an informed decision, and to consider the monthly downpayment, term, and interest rate; the cap on adjustable-rate loan,;other options when dealing with interests fluctuations; and the possibility of the amount owed to increase about original loans.

Apart from the mortgage cost and interest, it is essential to consider the location, proximity to government offices, school district, position on the lot, crime rate, walkability, neighborhood, community amenities, and long-term value. Even if your house is not that attractive, having a great location with nice neighbors, caring community, and peaceful environment will remain a great asset, and you still have the time to improve your home by renovation or home remodeling when you have extra money to do so, making it a perfect place to live in. You can save a lot of time, money, and effort traveling if you have the important community amenities near your house such as park, drug store, grocery store, good school, government office, church, hospitals and even your workplace. Just click here to know more about the American Dream Homes real estate agents to help you when buying your dream house today!