Although Wisconsin had one of the worst real estate crashes in the country, it’s said that the housing market has turned a positive corner. With the interest rates expected to slightly rise, there are several things you should consider buying a home in 2015.
- Get professional help
You may be wondering whether you need to hire professional in the real estate field to assist you in buying your desired home or first try going it your way. In today’s market, an experienced expert is a prerequisite to help guide you through the existing pitfalls in the real estate field. In addition, they can assist you acquire a home that suits the amount of cash you offer.
- Look for a home that you can actually afford
It is recommended that you buy a home that runs about 2½ times your yearly salary. However, it’ll be better for you to make better use of one of the several calculators present online to determine the impact of your expenses, income and debts on what you can realistically afford. If you are unsure about what you can afford, please contact us and we will have one of our preferred lenders contact you.
- Consider locations with good schools
Good schools is advice suited to everyone, even if you have no school-age children. When you consider selling the house for whatever reason, you will realize that houses located in areas with good schools are every buyer’s top priority. Excellent school systems help boost the property value. Want to know where great schools are? View school district performance reports here
- Better to buy or build?
Owning a home in Waunakee, Wisconsin that is custom-built in accordance with your desired specifications might be an excellent idea. You can find builders in Dane County to build your dream home. However, if you are purchasing an existing home, are you prepared to fund the remodeling costs to upgrade an existing home to meet your needs?
Home remodeling can be costly and the final result unsatisfying if the work does not meet your expectations. Completing the task on your own with limited experience, might result in loss of your time, and a result that decreases the value of your property. Do the research before deciding to revamp or hiring a contractor to help with the project.
Prior to deciding to build let us know what features you like in a home. We will create a home tour for you and see if we can find a home to fit your needs. If we can't find a home for you we will help you find the perfect builder for you.
- Interest rates may rise
Some people might hope that interest rates of a 20-year mortgage will stay below 4%. For any potential home buyer that would be a wonderful information. However nobody can predict where the rates are going to go. Bankrate.com currently shows interest rates below 3.5 percent for a fixed rate loan (2/12/2015). For updated rates visit www.bankrate.com or contact one of our preferred lenders.
- Get pre-approved
By getting pre-approval, you’ll put aside the anguish and help you put down a sober offer for the right house. Pre-approval from a mortgage provider takes a look at your credit history, debts, income, and hence very important. This is extremely important! You don't want to fall in love with homes that are out of your price range. Marcie Geffner from Realtor.com explains the 5 reasons why getting pre-approved is a good idea.
- Emotional readiness
It’s crucial to note that, not everybody is prepared to possess a home. In case you have a dream to tour the world, first do that. Or, you aren't sure if you want to reside in your present city. In addition, owning a home comes with additional responsibilities. For instance, when your home breaks, repair is on you.
- Down payment
Down payments are required for several different types of loans. However VA (must be military veteran) loans and USDA loans require ZERO percent down! Other loans with as little as 3.5% down payments.
- Local housing market
Purchasing a house in Wesley Chapel or Land O Lakes may be considerably cheaper than renting. While in some, the computation is unclear. You might also realize that the type of house you desire is not available or is unaffordable to you in the neighborhood.
- Job security
Purchasing a house and then realizing you have to relocate to find a new job within six months, or be jobless and not able to make payments is not out of the question. Typically, lenders prefer to see a job security of 2 years.
In 2015 there are also many first time home buyer programs that offer down payment assistance. In addition if you are a police officer, firefighter, medical professional, teacher, or military veteran you can save thousands of dollars through the Homes for Heroes Program.