5 Questions to Ask Yourself Before Buying a Home in Massachusetts or Connecticut

Ask yourself before buying a home in Massachusetts or Connecticut – Buying a home requires a significant financial commitment. Therefore, you must be completely confident that you are prepared and able to purchase your first or next home. This implies that you should have a clear notion of what you want, what you can afford, how you’ll pay for it, and whether you’re up to the task. You must ask the appropriate probing inquiries in order to find out these facts. Here are 5 queries to ask yourself before purchasing a house in Massachusetts or Connecticut to assist you.

1. Can I actually afford to buy a home?

Finding out whether you can genuinely afford a home in Massachusetts or Connecticut and how much you can afford should be your first step. And when you ask yourself this question, you must be frank with yourself.

“Buying a home is a costly endeavour, so you should plan out your entire budget before even thinking about starting the process. You should buy your next home if you have the funds for a down payment, closing expenses, homeowners insurance, property taxes, and the time, resources, and ability to manage the property.”

And here, according to industry experts, are some more specific figures to help you determine whether buying a home is right for you . . . 

“No more than 25% of your total income should be used to cover your full mortgage payment. If you have no other debts at all, you can increase this to a maximum of 28 percent. You must add these payments if you are taking out two mortgages to determine if you are eligible.”

In addition, the total of your monthly debt payments should come to no more than 33% of your gross income. “If you reach beyond what you can afford to pay, you risk the possibility of losing your home, so be realistic about it. If you cannot afford the house you want, you may consider renting a bit longer or looking for something more affordable.”

2. What is most important to me in a new home?

Once you’ve calculated all aspects of affordability, the next question to ask yourself before buying a home in Massachusetts or Connecticut involves what is most important to you in the home.

“Light? Space? Views? Wheelchair accessibility? A yard? Proximity to schools/parks/your gym? Do you have a preferred floor plan layout? Will you need an extra bedroom? Storage space? Parking? Do you care about friendly neighbors? Luxury living? Low monthly fees?”

You need to have a clear understanding of what’s essential to you in order to make decisions that are easier to handle given the seemingly limitless possibilities and alternatives for features and amenities. According to experts, you should “take the time to sit down and evaluate the home amenities that are most essential to you, and which ones you can live without,” advises Peta, before you start your home search. Utilize this checklist to decide which houses are worthwhile to tour and as a guide for determining a realistic price considering the facilities considered essential.

If you find yourself struggling to pin down exactly what is important to you in a home, don’t hesitate to contact a Massachusetts or Connecticut agent for assistance. Just call 413-455-0008, to find out more about this.

3. Is my credit good enough to buy a home?

When looking to buy a property in Massachusetts or Connecticut, your credit is a crucial factor to consider. Does it really meet your standards for becoming a competitive buyer and obtaining financing?

In the words of industry experts, “Credit history and your present score can influence how you rank up against other purchasers, and you’ll want to make sure that you’re getting the ideal mortgage package to complete your house purchase – so prepare your credit before your search begins.”

If your credit score isn’t where you’d like it to be, start working right away to raise it. Pay off your debt or at least reduce it, and always make your payments on schedule. Correct any inaccuracies you see in your credit report. You can get a better interest rate and better terms on your mortgage by improving your credit score.

4. How do I plan to finance the purchase?

Also when buying a home, you’ll need to know exactly how you plan to finance the purchase and what will work best for your financial situation. 

What do you need the length of the loan to be? “You can choose a 10, 15, 20, or 30-year mortgage. The longer the term you choose, the lower your monthly payments, but the more you’ll pay in interest over the life of the loan.”

Additionally, if this is your first house, “[y]ou may be eligible for a government loan from the Federal Housing Authority (FHA) with a smaller down payment. These loans could be useful for people who find it difficult to obtain accepted by traditional lenders.

Ultimately financial experts recommend that you “[d]o your research on the types of loans for homebuyers to ensure that you’re going with the financing option that’s best for you.”

5. Am I really ready for the responsibility of homeownership?

And, finally, before buying a home in Massachusetts or Connecticut, you need to determine whether you’re really ready for all the responsibility homeownership entails.

“While you own a property, you are in charge of many responsibilities that a landlord would typically handle when you were renting, such as managing repairs when the furnace breaks or the refrigerator breaks. You should start setting aside a money for house repairs with at least $5,000 before you buy in order to be ready for this. You should wait to purchase a property if your budget is too constrained to cover a mortgage payment. Additionally, make sure you can afford the additional costs, such as purchasing new furniture or paint, in addition to your mortgage payment and property insurance.”

Bonus: Have I found a good real estate agent?

A final important (but often neglected) question to ask yourself when buying a home is this: “Do I have an experienced, local Massachusetts or Connecticut agent to assist me?” A good agent can make a huge difference in making the home search and purchase process go smoothly. So if buying a home in Massachusetts or Connecticut is your goal, be sure to contact us today at 413-455-0008.