Buying a home in Scottsdale is a great decision, but as with buying in any town, there are a few things that you should do prior to purchasing. In all honesty, there are probably hundreds of things you can do to get ready, but these four are worth their weight in gold and will get you 90% farther than any of the others we could suggest!
Get Your Credit Right
Everyone tells you to check your credit before you buy a home, but why is it important to take a look? The main factor that will save you money (after negotiating a price) is going to be locking in a good rate on your mortgage.
There are several ways to improve your credit score before buying a home in Scottsdale, but understanding the power of an improved score is going to be the real reason to get you fired up about improving yours immediately!
If you purchase a $300,000 home with a rate of 4%, your monthly payments would be $1,432. If you had a better credit score and were able to get a 3.86% rate, that amount would be $1,408. The difference is $24 a month.
That might sound like a small amount of money, but let’s figure out the long-term difference. In one year, you would be saving $288. Over the course of your 30-year loan, that’s $8,640 saved.
As you can see, getting your credit score right can save you thousands of dollars, and consider the amount you would save if you had those rates on an even more expensive home! Use the tips in the article we provided to help you get your credit right, and take a few months to really dial that in.
A little effort will keep your pockets a lot fuller over the years to come!
Determine How Much You Want to Spend
When you are buying a home in Scottsdale, you should make sure to have a defined price you’d like to pay. This should be determined by your income and how much you’ll be able to put towards your mortgage and still have money leftover to do some fun things with your family!
The last thing you want to do is not have an idea of what you’re capable of paying with money left for food, fun, and an emergency fund. Planning this ahead of time is going to be the difference between struggling and flourishing in your new home.
Take some time and crunch the numbers, figure out where your comfort level is and what home price range will work with that level. A top quality lender can help you do this!
Build A Good Relationship With Your Realtor
When buying a home, you’ll be working closely with a realtor. It is important to find a realtor that you enjoy spending time with and has the experience you need. The reason for having experience is that they will be able to get you the best home for the price range you decided on, and they’ll be able to keep your other costs low.
The reason you should enjoy their company is that you will be spending a good amount of time together, both in person and on the phone, so you should make sure you can tolerate them! The other reason for this is usually you trust people that you enjoy spending time with. If you don’t have trust in this business relationship, then you need to find a different realtor.
Having a healthy and trusting business relationship with your realtor will make buying a home a pleasant experience, which it should be!
Research The Areas You’d Like To Live and Plan Ahead
You’ve fixed your credit, you’ve got your price range in mind, and you’ve got the perfect realtor for the job, so what’s next? If you haven’t narrowed down some areas that you’d like to live, then you need to as soon as possible!
However, don’t go into this decision rushed. When planning out where you want to live, you need to be sure to take the present and the future into account. Do you have kids, or animals, or plan on having them in the future? You’ll probably want to have a home with a good sized yard and be located next to a good school.
Not only should you plan this based on the school they’ll enter, but where are the lines for the best middle school and high school in town? Be sure to find out and make sure you’re in the right location to give your children the right leg up in their education.
Another thing to think about is where stores are located, you might want to be closer to them or further away from them depending on your preference on traffic. Speaking of traffic, how far will your commute to work be? Are you close to a freeway or can you walk to work?
Do you like being in the city or do you want to be closer to the great outdoors?
There is an endless list of things to consider, but these things are the most important! A home can always be improved and built upon to make it closer to your ideal, but these are the factors that will make your experience while living there the way you’ve always been looking for.
If you’re wondering what else you can do to help prepare yourself for buying a home in Scottsdale this year, you can give us a call at (480) 405-6464 or email us at email@example.com and we can give you plenty of ideas to get you ready!