Owning a home is the American dream, and Bucks County is a highly attractive area for prospective homeowners. This area offers the peaceful tranquility of the suburbs while being close enough to the hustle and bustle of Philadelphia. It can be nerve-wracking thinking about spending your life savings on such a massive purchase. But relax — when you work with Joseph Bograd and his team of Bucks County real estate agents, we promise to make the experience as pleasant as possible. Are you thinking about purchasing your first home? Check out these three tips.
- Start saving now. Every month, you should be putting aside some of your earnings in a savings account. When you buy a house, it is often recommended to be able to put down 20% of the home’s cost. To put that in perspective, if you want a $400,000 home, you’ll need to pay at least $80,000 up front. This shows a lender that you have the discipline to save money, and that you will be able to pay back your mortgage.
- Track your monthly expenses. Before you start looking at homes, you should start keeping track of how much you spend and save every month. Monitor everything, including expenses like gas, groceries and utilities. Now factor in these costs with the potential monthly cost of your new home. Can you afford mortgage payments, property tax, homeowner’s insurance and other expenses that come with owning a home, and still keep your head above water? If not, consider if there are places where you can cut back, like eating out at restaurants or pursuing an expensive hobby.
- Be ready for a long-term commitment. Are you planning on working at your current job for an extended period of time? Are you in a stable, long-term relationship? Are you ready to live in one area for the next several years? These are the types of questions that you should consider before deciding if you’re ready to buy a house. Most experts recommend planning to live in a house for a minimum of 3-5 years, but many recommend seven or more if you don’t want to take too much of a hit.
If you’re ready to find the home of your dreams, then our Bucks County real estate agents are willing to help you. Set up an appointment with an agent today by calling 267-282-1721.