If you are buying your first home, you probably have already done an extensive amount of research and studying. However, as you will quickly find out as a home owner, your work is never done. Here are some quick tips to review if you are thinking of buying your first home.
Cash is King
Simply paying your mortgage every month alone is not all that is required of you as a homeowner. Sure you will want to make sure you have enough cash saved up to pay the mortgage. But that is not the end of it. In addition, you will want to ensure that you have enough cash saved in order to make any emergency repairs that come up. Additionally, the property taxes and insurance are additional monthly expenses that you will need cash for.
Owning a home can be physically demanding. In addition to the routine yard maintenance that needs to be done, simple cleaning and performing simple maintenance can require a reasonable amount of strength and energy. Know what is involved in caring for a home. Also, be realistic with whether or not you will be able to care for your home as it should be.
Before any realtor will talk to you, they will want to make sure that you have been pre approved for a mortgage. In order to do so, you will need to first find a mortgage lender that you would like to work with. Next, they will need to run your credit. Because of this you will need to have an idea of what your credit is. If it needs improvement you may need to work on that before moving forward on a home. The difference in interest rates that you receive between a good and bad credit score is enough to either make or break you.
If you are interested in buying or selling a property in the Costa Mesa area, Contact Torelli Realty.