5 steps to consider when buying a house

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5 steps to consider when buying a house
5 steps to consider when buying a house

5 steps to consider when buying a house

When going over the things to consider when buying a house, the process can become increasingly difficult. There are, after all, a lot of things to consider when buying a home.
For starters, American economists have scrutinized mortgage interest rates ever since the housing recovery started to gain traction.

When it came to buying a home in 2016, experts predicted that mortgage rates would surpass five percent, yet interest rates remained below four percent. While higher than what we had become accustomed to, that was still historically low at the time.

Nevertheless, low-interest rates have helped many prospective homeowners actively participate in the housing market. Some people have even made the move from renting to owning out of fear of future rate increases. In this article, we give you five things you need to know before buying that dream house. These are;

1 . JOB SECURITY

The expansion of the economy can improve employer sentiment. However, that does not mean that job security doesn’t weigh on the minds of those that are fortunate enough to be working. How could it not? Trepidation abounds. Having said that, the first thing you need to think of when buying a home is job security.

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Uncertainty will almost certainly ruin any prospects of buying a home. There is perhaps nothing worse than buying a home, only to discover that you are unemployed shortly after. So before buying a house, make sure you are secure in your employment position.

JOB SECURITY
JOB SECURITY

2 . MORTGAGE RATES

Many people expect mortgage and interest rates to rise in 2022 as monetary policies tighten and move toward decreasing their balance sheets. However, this prediction has been spiraling through the real estate industry since late 2016, making it difficult to know if and when a notable hike will occur.

Over the past year, mortgage rates have hovered between 3.9 and 4.5 percent a less than significant increase. Some experts hypothesize that rates will hit five percent by the second half of 2022, but there has been no official confirmation one way or the other.

HIGHER MORTGAGE RATES
HIGHER MORTGAGE RATES

3 . DOWN PAYMENT

The down payment on a purchase remains one of the biggest obstacles in the way of potential buyers. Usually, buyers find it relatively difficult to come across full payments for the houses they want to buy. Thus, it’s more prudent to have a down payment plan in place thus giving you the maximum ample time to get the ret in order for you to get that dream house.

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DOWN PAYMENT
DOWN PAYMENT

4 . DURATION OF STAY

While often overlooked, the amount of time you plan to spend in the home is one of the most important factors to consider when buying. Most times, circumstances can change therefore, it is very important for you to weigh your options as to whether you will stay for long or not.

DURATION OF STAY
DURATION OF STAY

5 . LOCATION OF THE HOUSE

One of the most important factors of any piece of real estate is the location. Be sure to pay special attention to the area in which you buy your house. You will want to be sure that your property has easy access to your work. You may also want to consider the house’s location within its neighborhood as some people prefer to be tucked away from busy streets, and others prefer to have more access to main street roads.

Homebuyers with children, or those ready to start a family, should also take a moment to review schools in the area. The quality of schools can be make-or-break for many homebuyers. Review the public and private options, as well as admission and registration information. It’s always a good idea to know the important information going in.

LOCATION OF THE HOUSE
LOCATION OF THE HOUSE

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