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What Should You Consider When Preparing to Buy a Home?

Taking the steps toward homeownership can seem a little daunting, but a home is one of the most rewarding purchases you’ll every make. Homeownership comes with big financial responsibility, but we are here to help you along the way.

During this exciting time in your life there are a few things to consider before purchasing your home. Start with this quick checklist to begin your home buying journey.

What to ask yourself before you buy a home:

Do You Plan to Live in the Same Area for a Few Years?

Buying a home means being able to stay in one place for as long as you’d like, without worrying about landlords or leases. You should take into consideration whether or not you are planning on having children. Will your new home have enough bedrooms if you do? Also, consider what the neighboring areas are like and what school systems your children will be placed in.

What is the Cost to Live in a Particular Home?

Girl sitting outside at a table as she works on her laptop

First, determine your budget for what you can afford. Don’t base your budget on the maximum amount you may be able to borrow. When determining your budget, you may also want to include these expenses.

Property Tax: Will vary by city, state and county, so it is a good idea to discuss these costs with a lender. Homeowner’s Insurance: An insurance company can help determine this cost. Talking with a company you have other policies through, such as car insurance, may help you qualify for a multi-line discount by packaging policies together. Utility Cost: Will vary greatly depending on several factors, such as the location of the home as well as the age of the home and its level of energy efficiency. It is important to keep this in mind when shopping for a home.

Use our mobile home financing calculator to determine what your total payment will be with taxes and insurance included.

Can You Afford to Furnish Your Home?

A modern styled living room of a manufactured home

In addition to the initial expense of buying a home, you will need to furnish the home and be responsible for maintenance. When creating your budget, you will want to consider what kind of household items you will need to purchase such as appliances, furniture or a lawn mower.

Do You Have Money Saved for a Down Payment?

Your lender will be able to tell you how much money you will need for a down payment. A traditional amount for a down payment typically 20%.

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