Buying a home is one of the most financial decisions a person will take. Are you willing to buy a new home in Portland and you are a first time home buyer ? If yes, then you have come to the right place. In this blog we are going to tell you which is the right to purchase a property in 2020. So, let’s get started.
There is no doubt the housing market is heated up after the Fed turned dovish 2019, and in 2020 the momentum is poised to continue as per the analysis. Major metropolitan areas like Newyork, Portland, Seattle are among some of the most expensive cities to live in. In these cities the median home prices started from $600,000, and has become uncomfortable for the millennial to buy.
If you really wanted to buy a house you need to ask some questions from oneself that are listed below-
Q1 What’s my housing budget?
Okay the first question you need to ask yourself how much you can afford? If you avoid this question while buying a house then it is very difficult for you to choose a house that lies in you budget.And it could also run you the risk of carrying a mortgage burden so large.
Q2 How much should i save for a down payment?
Speaking to the budget, the next question you need to ask yourself is how much do i have to save for a down payment? Listen home buying is a big planning, so you need to save earlier so that you can easily pay the down payment to the mortgage lender. If you are getting a mortgage, you need to pay 20% of down payment at least. The higher your downpayment the lesser interest rates you need to pay to the lender.
Q3 Which is the best time to buy a property?
Real estate market is volatile. The rates of the property vary every time. So, you need to check whether the current time is profitable to purchase a property or not and help you to get the loan at the best mortgage rates. You can also take the help of the real estate agent who will help you to decide which are suitable to your needs.
Q4 Is the location prone to natural disasters?
If you have never ever lived in an area that has hurricanes or severe weather warning, you have probably never had to deal with thinking about how to protect yourself. So, ask if your new home is located in an area where it’s risk at floods, wildfires and earthquakes.
Q5 What’s included when i buy?
Buying a home is an exciting thing but its process is very hectic. It requires a lot of paperwork. So, you have to arrange all the mandatory documents that you need to show to your seller or a mortgage lender while taking loan and purchasing home.