Tips to Buying a Home in 2021

January 9, 2021 | New Home Tips, Tips to Buying a Home in 2021

Whether this is your first home purchase or not, you may at least need a refresher on what is needed when you’re thinking seriously about purchasing one of the new homes in Midlothian VA this year. LifeStyle Home Builders has some great properties and can help you build your dream home, but there are certain steps you need to take first.

First and foremost, make sure your credit is solid and that there aren’t any mistakes that could make getting a mortgage difficult. If your score is lower than you’d like, try working on paying off some debts to help raise your score.

Next you need to have a clear idea of just how much home you can afford. What is your budget, allowing for mortgage payments, as well as all of your regular bills, such as energy, school, insurance, etc. In some cases, lenders won’t let you get more than a certain percentage of your monthly income, so you need to be clear about what you can realistically afford. Ultimately, that also helps you narrow down the pool of homes, as well. While you’re at it, go ahead and make a list of the things you absolutely must have in a home versus the things you would like, but could ultimately live without. That can also help narrow down your search when you’re clear about what you really need in a new home.

You also need to make sure you have a solid downpayment. For existing homeowners, the sale of your current home may be serving toward your downpayment. Still, you may want to have additional money saved to help reduce the amount of the mortgage you’ll need, especially if you weren’t in your current house for long and won’t be getting much in return from the sale. Regardless, you need at least 20% of the downpayment to avoid private mortgage insurance.

Most home buyers need a mortgage, so it’s important to start talking to various enders to see what they have to offer. As well as specific mortgage lenders, don’t forget to check local and national banks, online lenders, and credit unions. When you find one that feels right, go ahead and get pre-approval to help speed up the process once you find the home you want to buy.

As for finding your ideal home, you can look online to get some ideas, but an agent may also be helpful if you’re looking to move to a new area, as they should be more familiar with it and be able to answer questions. If you’re looking for a brand new home, LifeStyle Home Builders has homes in a variety of communities and can help you find the home design and community that is right for you.

Finally, don’t forget to start saving for the move itself. Unless you plan on moving all of your home furnishings and everything else yourself, you’ll at least need to rent a van, and most people prefer to hire a moving company to help with the big, heavy items and to ensure things are moved safely and often faster than trying to do it yourself. Regardless, there will be costs involved in moving, even if just boxes and tape, so start saving. You may also want to save up for someone to come in and professionally clean your old home when you move out.

At least when you’re buying one of the brand new homes in Midlothian VA from LifeStyle Home Builders, you know you won’t have to worry about expensive, unexpected problems, as your home starts with a warranty. That gives you time to save up for an emergency fund. In the meantime, you can sit back and enjoy your brand new home with full peace of mind.