Is it a Good Time to Be a Homeowner?

Nowadays it seems like renters are in the majority when it comes to housing. However, there are many reasons to consider becoming a homeowner. More benefits of homeownership include the ability to make your mark on your house and neighborhood, build equity, and establish roots in your community.

Now is an excellent time to become a homeowner because interest rates have been at historical lows for a long time and wages have been increasing faster than home prices for the last few years.

Here are some of the steps to buy a house you should be considering.

Find an Agent

You should find someone who has been in the industry for at least three years and has experience with the type of home you wish to purchase. They will help you find homes, set up appointments with sellers and negotiate on your behalf.

Do Your Research

The next step is to do your research on mortgages and down payments. There are various types of loans available, so speak with a lender to figure out which one suits you best and what kind of down payment amount is needed for that loan type.

Create a Needs List

Another important step in the home buying process is to create a list of things you absolutely need in a house. For example, if you have two children and want both of them to have their own room, having at least three bedrooms may be a make-or-break deal for you.

You’ll also have other things to consider such as the area you want to move to, the school districts that are available, and so on. Having a list to provide your agent with what you need in your future home can make the process go a lot smoother and even quicker.

Save for a Down Payment

If you are planning to be in the market to purchase a home, hopefully, you have already started this step. However, if you have not it’s never too late to start saving on a down payment. The most ideal down payment is 20% of the home’s purchase price; however, less may be possible depending on what type of mortgage loan you are approved for and choose.

Start House Hunting

After you have achieved a majority of the above-mentioned steps, it’s time to start looking for a home. Visualizing potential homes in person can help you determine what it is that you actually want in a home that you may not have recognized before. For example, you may walk into a few homes that don’t have the potential of the basement being remodeled which may or may not be an important factor for you. Whichever you choose, doing your research and looking into multiple options is the best way to find the perfect home for your family.