Stern Market Minute: What You Need To Know Before Buying
Channel: The Stern Team | KW Salt Lake City Real Estate
Date: 2023-03-09

Making the decision to purchase a home is one of the biggest decisions you'll ever make. There are many things to consider, and it can be overwhelming to think about what you should and shouldn't do when buying a home. To help, here are four tips every home buyer should know before signing on the dotted line.

Buy What You Can Afford: It's easy to get carried away looking at homes that are out of your budget, but it's important to remember that the maximum mortgage lender thinks you can afford and what you actually can afford may be two different numbers. So buy the house you can comfortably afford - not the most expensive home in your price range.

School District Matters: Even if you don't have kids, looking into school districts when buying a home is essential. Homes in sought-after districts tend to hold their value better over time, so buying in a good district is always a wise choice if you plan on reselling your house down the road.

Don't Feel Pressured To Put 20% Down: Many buyers feel pressure to put down 20% upfront when buying a house, but plenty of loan options don't require such a large down payment. Speak with a reputable lender about the best loan option for your situation.

Right To Walk Away: When it comes down to making an offer on a home, remember this - You're in charge! So if something doesn't feel right or an inspection reveals something unexpected, don't be afraid to walk away from the deal and find another more suitable property for your needs and budget.

In conclusion, there's no denying that purchasing a home is an intimidating process; however, armed with these four tips, any potential buyer will have all the information they need before taking this big leap into homeownership. Do your due diligence when searching for houses to find one that fits your lifestyle and budget perfectly! Good luck!

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