A Guide for the First Time Albany Homeowner
Is this the year you make the transition from Albany renter to Albany homeowner? As a first time Albany homeowner, it’s important to know what you’re in for. Here are six questions to ask yourself before taking the plunge to owning an Albany home.
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Are you ready?
Owning an Albany home is a serious commitment. Before buying, you have to think about the responsibilities that come with owning a home, such as home repairs and yard work. Being a first time Albany homeowner often times has unexpected expenses so it’s important that you have a stable job with a steady income.
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Have you written down your “must have” list?
If you start looking for an Albany home that is completely flawless, you are setting yourself up for disappointment. Before you begin to hit the pavement to find your new home, it’s important that you have a list of items that you are willing to work with, and those that are an absolute deal breaker. For example, are you willing to buy an Albany house that needs serious renovations but is in a great location, or would you rather a home that only needs minor updating in a less than ideal neighborhood?
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Have you defined your price range?
When it comes to being a first time Albany homeowner, you can be surprised at how quickly all of the costs can add up. Besides mortgage payments, you will need to consider your down payment (ideally 20%), as well as any other home maintenance fees. You should also plan to put aside about 1% of the purchase price every year as an emergency fund for those unexpected homeowner projects (read: leaky roof).
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Is your paperwork in order?
If you are looking to get a loan to help pay for your home, it’s a good idea to get all the necessary paperwork together ahead of time. Gather your proof of employment, W2 forms, and any bank or investment statements. Also have your landlord’s contact information readily available.
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Are you pre-qualified for a mortgage?
It’s important to make sure you are pre-qualified for a mortgage before you start looking at homes. Using the paperwork you compiled earlier, you can simply apply to become pre-qualified for a loan – which is necessary for most sellers to take your bid seriously. If you take the extra time to get your credit pre-approved, you can increase your chances of getting the home you want.
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Do you have a strong team?
As a first time Albany homeowner, there are going to be questions you don’t know the answers to. It’s important to have a strong team around you to assist you in this process. Find a trustworthy real estate partner, or assemble a group of trusty family and friends who will give you honest feedback when you need it most.
As a first time Albany homeowner, this is an exciting time for you. To make sure the process goes as smoothly as possible, be sure to take the time to ask yourself the above questions. With the answers in place, you will be in a position to move into your new Albany home in no time!