There are many good reasons why now is a good time to buy a home in Troutman, NC. Interest rates have remained low – something you should take advantage of now before the situation changes. Troutman’s economy is healthy and robust, with more positive developments seen in the next few years. And it’s always a good idea to live close to beautiful Lake Norman and the many outdoor opportunities it offers.
Home ownership, however, comes with great responsibility. Before buying a home, you have to make sure you’re absolutely ready for it. With this in mind, check out this list of key things to consider before you go home shopping:
- Are you financially ready to own a home?
This is the most important question any homebuyer should ask themselves. Without the right financial planning, your dream home can easily turn into a nightmare. Keep in mind that the cost of homeownership does not end with the sale price. In addition to the down payment and monthly mortgage, you need to prepare for a host of other expenses, including:
- Closing and inspection costs
- Property taxes
- Home maintenance
- How much home can you truly afford?
The best way to find out is to get mortgage pre-approval. This will give you an idea on how much mortgage you will qualify for, which you can use in setting your budget. If you like a property that’s priced above your budget, ask yourself if you’re prepared to pay more out of your own pocket.
- What are your mortgage options?
Lenders offer numerous loan packages with various terms and conditions. Shop around and study your options carefully to determine which one best suits your financial situation. Keep in mind that a difference of a few percentage points can add up to a considerable amount over several years. A 20% down payment is not always necessary, although a higher down payment can get you better terms and rates.
- What are you looking for in a home?
You may have a vision of the perfect home in your mind but it’s best to put everything down on a list. You will need two lists – one for the things you “need”, and the other for the things you “want.” Your “need” list should include the features you can’t do without, such as the number of rooms, amount of storage, and parking space. Your “want” list will include the extras that will make living in the home more pleasurable, such as a swimming pool, an outdoor kitchen, or an entertainment room.
- Where do you want to move?
Location is very important in choosing a home. Consider the distance to work, schools, and places of interest. Look into neighborhoods, including their demographics. You’ll likely want to live among people with similar interests as you, or who belong to the same age group. If you’re moving with your family, look into kid-friendly features and proximity to schools. Consider the desirability of the neighborhood. A lovely home in an undesirable neighborhood can easily lose its value over time.
We at Royal Properties can help you prepare for your home buying journey and find the perfect home in Troutman, NC. Contact us at 704-608-6287 or get in touch with us here.