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Buying a Portland home? Search all homes for sale
As we head into the buying and selling season, I thought I'd give my home buyers some tips for when they set out on the market. Now is a great time to buy a home, but it's important to make sure you're avoiding these mistakes.
- Borrowing the maximum amount: You need to set a realistic budget because there are a lot of hidden fees when you purchase a home. You need to be able to afford the costs of maintenance, insurance, HOA fees, and a fund for when something absolutely catastrophic happens. Hopefully, you will never need this, but you never know. You want to be able to comfortably afford a home, not live paycheck to paycheck.
- Not Planning Ahead: You need to take into consideration what your home will be worth when you go to sell it in a few years. Are you next to a busy street? Do you need new carpet or a new roof? You want to sell your home for more than you bought it for, and that will take some planning.
- Get Pre-approved for a loan: You need to get approved for a loan even before you go out and start looking for a home. Sellers probably won't even consider you as a buyer if you can't prove that you can buy the home. Getting approved will also allow you to figure out what you can afford to buy, so you won't be wasting time looking at homes that you cannot afford.
- Indecision: Our market is moving very quickly, so you need to be able to make decisions quickly if you find a home that you really like. Don't let someone else buy your dream home!
- Checking only online sources for mortgage programs: We believe that it's best to have a face-to-face relationship with your lender. This ensures proper communication between you and your lender, and that is really important during the closing period.
- Debt to income ratio: You really need to pay attention to this. Don't think about going out and buying a new car or new furniture that could ruin your debt to income ratio and disqualify you for a loan. I've seen people spoil their ability to close by doing this, so please budget wisely during your closing period.
We would love to talk to you further about these items. If you have any questions about this, please don't hesitate to contact us.
As always, consider us your #1 resource for real estate in Portland!
