Looking to buy a home this festive season? Here are 5 things you need to know.
1. Count the cost.
Before purchasing a house, check how much you can afford. Your housing cost should
not be more than 25% of your monthly income.
2. Check and build your credit score.
With the help of a good credit score, you can qualify for a mortgage and pay a lower interest
rate. But first make sure to get a free credit report from Experian, TransUnion or Equifax.
Meanwhile, make sure to keep a check on any errors that can have a negative effect on your
credit score.
3. Explore mortgage options.
While the options may seem overwhelming, make sure to take your time and research the
options available and it will save you a significant amount of time and money.
4. Don't let market analysis influence you too much.
Waiting for the perfect moment for prices to drop is like gambling with your future and
decisions. The real estate market goes through cycles. Don’t let short-term market
conditions affect what will be a long-term lifestyle decision provided you know your
requirements, your budget, have your funds arranged, and have already thought about your
current and future needs.
5. Consider the effects of COVID.
One more item to think about, especially in light of the current COVID-19 outbreak
that erupted last year.
Despite corporations learning to adapt, the house buying and selling process has become a
little more complicated than usual.
A home purchase does not have to be put on hold because of COVID-19, but it may require
extra consideration due to increasing economic instability, demographic shifts (city vs.
suburban living), and other factors.
Finally, you should always put a lot of thought into a home purchase.
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