What to Consider when Buying a Home

Purchasing a home can be an exciting event in a person’s life. Whether it is purchasing your first home, moving into a larger space for a growing family, or downsizing when the kid’s move away, you will face many of the same considerations. Below are a few questions you should ask yourself before purchasing a home, as well as some tips to consider during the home buying process.

Questions to Ask Yourself Before Purchasing a Home

1. Why do I want to buy a home?
Make sure you’re buying a home for the right reasons. Is renting a better option for you at the current time?

2. Can I afford it?
This is probably the most important question. Remember to consider all costs involved such as taxes, insurance, maintenance, and utilities. Also, you don’t want to have your entire income going towards your house. You will need money for other things such as car payment, leisure activities, and other basic necessities. Rule of thumb is that you want to put no more than 40% of your income toward housing expenses.

3. Am I mortgage-worthy?
Stop in and speak with one of our in-house loan experts when considering buying a home about qualifying for a mortgage. Check your credit score and if needed, delay purchasing a home until you are able to bring your credit score up. This will pay off in the long run with a lower interest rate.

Tips to Consider When Purchasing a Home

1. Check out the neighborhood.
Both in person and online. Visit the neighborhood, try some of the restaurants and strike up conversations with the locals. Do online research on school district, crime rates, and economic statistics.

2. Consider your commute to work
How long would your commute be? Establish an ideal commute time and look for homes within that radius.

3. Determine wants vs. needs
You may walk into a home and instantly fall in love with it, but try to keep your emotions aside. If the home is out of your price range, or if it will cost too much in upkeep, avoid becoming attached. Do you REALLY need a 3 car garage or is this more of a want? It is better to look for a more affordable option than to purchase a home you simply cannot afford. Remember, you can always add those “finishing touches” further down the road.

4. Research grants and tax credits
There are many grants and tax credits out there available to first time homebuyers. Do your research and speak to your realtor to find out if you can save money.

5. Schedule a home inspection
Make sure to get the home inspected before purchasing. Mold, water damage and structural issues could cost you a fortune down the road.

6. Don’t rush your decision
Take your time and don’t rush your decision. It is better to find the perfect place than rush into somewhere that may not suit you well.

At Wallkill Valley Federal Savings and Loan, we want to help guide you through the home buying process to make it as simple as possible. Whether its questions about your mortgage or what the next step you should take is, we are here to help. Feel free to contact us at 845-895-2051 and speak to our in-house loan experts with any questions you may have.

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