Whether this is your first home or second home; it is a financial asset and more. Your home is a great place to live, raise a family, plan for the future, and to have friends over. Knowledge is said to open doors. This is literally true when it comes to buying your first or second home. We want to take the time to share some very important things about your home buying in the Woodstock, Vermont region. Woodstock, Vermont has a lot of great real estate to choose from, and you may or may not find the right home for you here, but we are here to guide you through the whole process to help you make the right decisions in buying your next home.
1. How do you know if you are ready to buy a home right now?
- Do you have a steady income that is reliable?
- Have you been employed for the last two to three years?
- Do you pay your bills on time?
- Do you have few outstanding debts, like car payments, motorcycle payments, etc.?
- Do you have enough money for the down payment on a new home?
- Do you have the ability to pay your mortgage each month plus any additional expenses that may arise?
2. How do you begin the process of buying a first or second home in Woodstock, Vermont?
- Start by looking at what you can afford for a monthly mortgage and for a down payment on a new home.
- How large of a home do you really need to live comfortably?
- Do you prefer to live in town or out of town secluded?
- Do you want convenience or do you want privacy with your new home?
- Do you want to be able to walk to your neighbors or do you want to drive to see them?
- Make a checklist of all the things that you like and don't like
3. How does buying a home in compare to renting a home?
- First of all, let's clear the air! Renting and owning your own home really doesn't compare at all. The largest advantage of renting is being free of all the maintenance and responsibilities of the home and property. With renting you have more freedom, but you don't have the ability to build equity in a new home. This would end up being a long term investment into your future, because you can sell it later. Overall, buying a new home is well worth the investment! It is one of the best ways to build equity today.
4. What is the maximum amount that I can afford? How does the bank determine that?
- Let's say that you go to a local bank in Woodstock, Vermont for a mortgage loan. One of the first things that they will look at is your debt to income ratio, which is a comparison of your gross income to your housing and non-housing expenses. (Example: things like your current mortgage, rent or car loan, student loans, credit card debt and more.) With all of this information they will be able to tell you what you are able to afford for a new home purchase.
5. How do I select the right Vermont & New Hampshire real estate agent?
- Of course we are biased and would say that you should choose us as your real estate agent, but the best way to find the right agent is to first ask friends, family or co-workers who they trust in the area and who they would recommend. Look for an agent who listens well and understands your needs for a new home. Choose someone that you would trust. The ideal real estate agent knows the local area very well and is not afraid to share that information with you. One of the reasons why we have done our website the way that we have is to do just that. You want to choose a real estate agent that has a lot of experience in the real estate market and one that is knowledgeable and has the services that you need.
So here are a few things to look for in a real estate agent and buying your first or next home in the Woodstock, Vermont & Hanover, New Hampshire regions. More to come soon on real estate in Woodstock, Vermont & Hanover, New Hampshire and questions and pitfalls to look for in choosing your next home.