How To Buy a House is a Great Question!
Curtis Counts with the New Jersey Real Estate Experts with a new edition of New Jersey Hidden Gems. This time, we visited The Flemington Pickleball Club. Opened for over 2 years, it’s 11,000 square feet of climate-controlled Pickleball entertainment. Open 7 days a week from 7am to 10 pm with all levels of skill: novice, beginner, ten years old and up, all the way to mixed men’s and women’s teams. There’s also professional players that actually come here and play. At NJ EXP Realty, our head agent Curtis Counts has your back. Join us in our explanation of 3 essential tips on how to buy a house.
Let Curtis Counts Walk You Through Your ‘How-to-Buy-a-House’ Inquiry
Buying a house is a huge accomplishment, and for many people, it’s the realization of the American Dream. However, there’s a lot that goes into buying a house that you may not know about if you’re a first-time homebuyer. One of the things that can trip people up is the approval process. A lot of people assume that as long as they have a good income, they’ll be approved for a loan. But there are other factors that come into play as well. Debt to income ratio is one of them. Your credit score, how long you’ve been in your job, and how much you’re putting down on the loan all play a role in whether or not you’ll be approved for a loan. So, if you’re thinking about buying a house, make sure you do your research so you know what to expect!
One of the biggest things is that there are other expenses than just your mortgage payment. It’s nice that you can afford a mortgage of $2,000 a month, but you’ve also got to take into factor that you’re going to have property taxes, homeowners insurance, utility bills that are all your own now. That’s how you wind up being house broke. Not taking that into consideration, keep in mind you’re probably out of pocket the day of closing. 2 to 4% of your home’s price for your closing costs could be a big chunk of money.
Another thing nobody really tells you is to keep an emergency fund. This is just for your routine maintenance on your home. This is for big ticket repairs, but keep at least 1% of your home’s cost on the side for the yearly maintenance. By doing this, you’ll be prepared for anything that comes up and you won’t have to put it on a credit card with a high interest rate.
If you keep these things in mind, you’ll be well on your way to being a successful homeowner! Best of luck to you.
The EXP New Jersey Real Estate Experts are Here For You
Would you like to learn more? Do you have any inquiries? Our expert agents are eager to help you with your real estate concerns and needs. Contact us to discuss your requirements and find custom solutions tailored just for you.