What to Consider Before You Buy a Home this Spring

When it comes to buying a phoenix home, there are many experiences even the most seasoned home buyer wished they had known or that they could do over again; from having a more thorough home inspection to investing more time in better understanding the extensive paperwork and contracts associated with the home buying process. Because this is predicted to be a competitive home buying season, here’s what to consider before you buy a home this spring.

Save Smart: Next, you want to be sure you build up your savings, because lenders want to see that you're not living paycheck to paycheck. If you have three to five months' worth of mortgage payments set aside, that makes you a much better mortgage loan candidate. A hefty savings can also help you save for a down payment that could help lower mortgage payments.

Shop Smart: As a first time homebuyer, finding out that you are qualified for a $650,000 mortgage can be an exciting thing. But as a general rule, it’s smart to take twenty percent less than what the bank will lend you and to be sure to have an idea what your mortgage, taxes, and maintenance costs could run you before buying your Arizona home. Before you home shop, calculate the mortgage payment for the home in your intended price range, along with the increased expenses (such as taxes, insurance and utilities). Then bank the difference between that and what you're paying now.

Plan Smart: Home buying costs can include loan application fees, closing costs, appraisal fees, buyer broker fees, and more. After you sign all the paperwork and receive the keys to your new home, there are also homeowners insurance, property taxes, and possibly Homeowners Association fees. A cash cushion will also help cover maintenance and repair issues that come up when you own a home. Don’t think a perfect walkthrough means you won’t get hit with an unexpected big ticket repair later.

If you’d like more home buying tips or if you’re looking to buy a home in Phoenix this spring, please contact The Russo Team today. Whether you are looking for your first home, your last, or something in between, our five-star team will help you ever step of the way!

Frank Russo

Russo Team

RE/MAX Professionals


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