It’s becoming an even better time to buy a house, so I wanted to help you out by giving you 10 things you need to know when buying a house in Daytona Beach, Port Orange, or wherever you’re looking.
- Use a trusted realtor
- For starters, it doesn’t cost you anything to hire a realtor. The seller pays the realtor commissions for both parties. We also help protect your interests and guide you through negotiations and inspections.
- Contracts are meant to be negotiated
- You have flexibility to negotiate terms of the contract that benefit your interest. Don’t just sign a standard agreement.
- Buy your future house
- If in a few years you’re unsure it’ll be a house that fits your needs, you should keep looking.
- Think about commitment
- Understand the exit plan in the contract and what your rights are.
- Look beyond the paint
- Fixing cosmetic issues is cheap and can be completed before you move in.
- Buy only what you can afford
- Financial experts will tell you your mortgage payment should be 25% to 35% of your gross income.
- Purchase price is only one cost to consider
- Don’t forget home owner’s insurance, HOA dues, and real estate taxes.
- Consider your student debt
- FHA guidelines negatively affect first-time homebuyers with student loan debt
- Don’t get carried away by home mortgage interest deduction
- The longer you own your home, the less you will owe in interest.
- You don’t have to buy a house
- Don’t rush the process. Consider the housing market, interest rates, timing and your future plans.
Hope this was helpful! Thanks for reading,
Chris
