Before starting your house hunt, carefully craft your wish list and try to stick to it. If you’re shopping with your partner, discuss your must-haves and deal breakers together so you’ll be on the same page during your house hunt.
Remember you are not only buying a house, but the neighborhood too. Talk to neighbors and ask questions. Spend time in the area to determine if it offers the lifestyle conveniences you’ll need.
Don’t see too many houses in one day. You may begin to feel overwhelmed and confused after touring several homes. Too many homes in a short period of time will run together in your mind and you won’t recall which kitchen or which master bedroom belonged to which house.
Stay within your price range and consider added expenses such as taxes, strata fees, maintenance, etc.
I’m sure by now you’ve heard that mortgage rates are at record lows and they have been for years.
Housing prices are still relatively low on the island. The key to seeing a return on your investment in ANYTHING is to buy low and ride the wave on up. The cost of borrowing money right now makes home ownership cheaper than renting in many cases. What do you think happens if everyone continues to rent because they are afraid to buy??? Rents continue to skyrocket. Investors know this, that’s why they are buying everything they can now, so they can rent it to you at an inflated rate later. BUY NOW!
If you are planning to purchase within the year then your priority right now should be to check your credit. Pull those reports, see if there is anything that may make the process difficult. Any past dues? Any lates? Judgments? Call the creditors and work out a deal. The key to getting a good mortgage rate is credit worthiness.
Also, it may be worthwhile to sit with a mortgage professional now and try to get pre-approved. This way you’ll know in advance what your purchasing power is. And if you can’t get pre-approved, at least you’ll know why and you can begin to start cleaning your profile up.