Home Buyer Tips
- Getting started... The home buying process can be overwhelming. Many of us get wrapped up in the excitement of touring home after home, and we forget about the features we need. Or, we fall in love with a home we can’t afford. The following is a list of tips to keep your search on track.
- How much home can you afford? Before you begin your search, it is important to determine how much home you can afford. This depends on your income, credit rating, current monthly expenses, down payment and the interest rate. A housing counselor, real estate agent or financing institution can help determine what you can afford. To get a rough estimate, try an online source offering an Affordability Calculator, such as Ginnie Mae, www.ginniemae.gov.
- Selecting a location... One of the most important decisions you will make when purchasing a home is the location. There’s much to consider, including proximity to work, quality of schools, and area conveniences. Your perfect home won’t seem so perfect if you are not happy with the neighborhood. With a systems-built home you have another location decision to make—private property or land-lease community? Both have their own advantages. Property taxes are also a consideration when deciding which town is right for you and your family.
- Prioritize your wants and needs... Before you begin searching for a home, create a list of features and separate those that are “needs” from those that are “wants.” For example your needs might include 3 bedrooms, 2 baths and a laundry room. Your wants might include a fireplace or a master suite. If you are looking for a home in a land-lease community, create a similar wants/needs list of community features (accepts pets, has a pool, playground, etc.).
- Where to look... You have chosen a location, prioritized wants and needs, and determined how much home you can afford, now you can begin searching for your dream home. If you are searching for a new factory built home, your local Retailer is the best place to start. If you are interested in purchasing an existing home, both your local Retailer, and local Real Estate agents may help you in your search. There are also new neighborhood communities in Vermont that are built exclusively with factory built homes.