Citing a prediction by the National Association of Realtors that 2015 is going to be “the year of the first-time homebuyer,” a recent article from BrightNest offers up six questions every potential home buyer should ask themselves to determine if the time is right for them to make the move.
At the top of the list are important financial questions, such as determining how healthy your savings are, and how much money you can afford to spend each month.
Another important question to ask: Are you preapproved? If you don’t get preapproved for a mortgage, you’d be wasting both the realtor’s and your own time. Before you get too far into the process, set up a meeting with a mortgage professional to make sure you’re good to go.
And there are location questions to ask yourself as well. Is your city a good spot to buy in? When experts talk about a hot market, that doesn’t necessarily mean your neighborhood is a hot market. In many cities, the market varies from neighborhood to neighborhood. Before you dive head first into homeownership, do your homework. Make sure you’re making a sound financial decision by buying not only in your city, but in the neighborhood of your choice.
