With Spring now here the housing market is in full bloom! Each year about 40 percent of real estate transactions occur between May through August. Here is a checklist to make sure you don’t miss anything when preparing to sell or buy.
When You Are Ready to Buy:
Buying a house is mostly likely the biggest financial undertaking of your life. Whether you are experienced in home buying or not, tackle the following prep work:
- Calculate what you can afford. Use a home affordability calculator to make sure you’re ready for the mortgage payments.
- Check your credit score, and fix any inaccuracies you discover ASAP. Errors can impact your ability to get a good interest rate.
- Save up for a down payment. Most lenders require 5 to 20 percent, and larger down payments can lower the amount you pay each month.
- Be ready for additional closing costs. Plan to have approximately 4 percent of the home’s purchase price on hand to cover taxes, fees and other necessary charges.
- Re-evaluate your insurance coverage and update all of your policies, including life and car insurance.
- Clean, de-clutter and get your home show ready. First impressions are important.
- Take inventory of everything that needs to be fixed and start knocking it out
- Review comparable properties in the area and decide on an appropriate price