Most people will find that a house is the most expensive investment they make in their entire lives. This is not only to be expected, but it goes to show just how important actually owning your own home is to many people. It’s not only a major milestone in life, but it’s a critical part of identity and a natural part of the “growing up” or “accomplishing the American dream” that so many people are chasing after. A home has special significance and while that dream of actually owning your house and your land can have a very strong allure, it’s important to make sure you take the time to get yourself the best deal on a home.
Make Sure You Only Buy What You Can Afford
When you first start looking for a home, make sure you take some time to mess around with mortgage calculators and see what you actually can afford to buy. While you may see a home that looks like your dream home and you can envision a five bedroom and three bathroom mini-mansion, you need to make sure you can afford it while still leaving room for savings and emergencies.
Finding a Great Deal
There are several ways to go about finding the type of great deal that will have you smiling about finally owning a new home you can afford. The first is to consider looking at foreclosure markets. In many places it’s not a bad neighborhood where many foreclosures take place, but decent or suburban neighborhoods that are middle class and above but where the economy hit particularly hard.
This means there are many great communities in good locations with depressed housing markets. This means the prices are down sharply from their previous high, and that could be a way to find a bank that is willing to take a lot less just to settle.
Another way to find a good deal is to simply look around and compare prices. You don’t have to be in any rush at all to buy. There are great deals out there and you should take your time while looking for the right fit for you. Sometimes just taking that extra time can result in an agent coming back and offering a lower price.
Do your homework ahead of time and have the money for a good down payment, and you’ll be happy with the results