Looking for a qualified Bedford NH Realtor?
Why should you hire an experienced Bedford NH Realtor before starting your home search? Because there’s nothing more distressing than finding the home of your dreams and then getting turned down for financing. First, determine if you qualify for a New Hampshire housing loan. To be eligible for a NH housing loan, you must not have owned a home previously in a three year period. Even if you only qualify for a conventional mortgage, be sure to get pre-approved for a loan before you take a look at any homes. Having a down-payment saved in advance, traditionally 20%, is usually needed to qualify for the best mortgage rates. Moe Archambault, a seasoned Realtor from Bedford NH can direct you to a mortgage professional who can assist you with financing.
Setting Your Budget
Consider making some budgetary adjustments before taking the plunge into home ownership, such as paring down on clothing purchases, eating out less often and scaling back a bit on entertainment. Disciplined saving now will pay off in the future once you’re a home owner. Begin saving early for the down payment and set aside some reserve funds. Ideally, the preparation process should start about six months before you decide to actually purchase a home. You should create a budget, so you are aware what your monthly expenses are and just how much house you can reasonably afford.
The expenses of buying a first home go beyond the cash you place down for the mortgage. The high amount of closing costs can easily be unforeseen by many inexperienced home buyers. Closing costs include expenses such as the survey fee, original loan fee, prepaid interest, the appraisal fee, insurance on the title, first month’s homeowners insurance, recorder’s fees, and possibly the attorney’s fees. The closing costs could be as much as 3 and 8 percent of the purchasing price. Moving costs and purchasing new furniture to fill your home should also be budgeted.
Cost of Home Ownership-Maintenance
Do your best to estimate all of the real costs of home ownership before choosing your first home. Every house is a little different in just how much it costs to heat it or maintain it. Heating and cooling a house often costs more than you might think, and the water bill may exceed your expectations, especially if you have a large lawn you must maintain. Proximity to work is also a factor. Certain parts of real estate in Bedford NH are quite remote. If the house you like is ten miles further away from your job, you might end up paying hundreds of dollars more each year for gasoline, and spending many additional hours each year inside your car.
Anticipating home ownership expenses will help you be adequately prepared once you find the house of your dreams. Consider tapping into Moe Archambault’s real estate experience with the Bedford NH market to help you make a smooth transition into home ownership.