Scottsdale Real Estate: It Pays Off To Learn More Before Making A Purchase

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Whether you want to own one of the best homes in Scottsdale real estate after renting for many years, moving out of your parents ‘house or purchasing a place for your spouse, buying your first home is a huge step. It takes plenty of preparations as you do this and a bit of luck does not hurt.

Renting a place rather than purchasing a home can be the most affordable and convenient way to go. But it really pays to learn more about the advantages and disadvantages of purchasing versus renting. You are likely to find out soon that owning a home in Scottsdale real estate is really your best option.

Knowing When to Purchase your First Home

Unlike other decisions that you make in life, buying a house does not have any age restrictions. A number of people argue that you cannot purchase a home until you are 18 as banks will not allow a minor to sign a contract. However, theoretically, if you can afford the purchase and you have no problems with your parents about your plan, you can actually go for it. There are many factors to consider when determining if it is the right time to purchase your first home in Scottsdale real estate. These include your financial position, current and future job, credit worthiness and your preferred neighborhood.

Things to Consider Before you Purchase your First House

No matter how idea the housing market may seem, you can still down with a realtor and imagine what will happen in your life three to five years from now and then consider the following.

Can you afford the house? – Purchasing a home in Scottsdale real estate can significantly affect your finances so ensure that you can really deal with it. Housing is cheaper than before and incentives such as low interest rates and expanded tax credit are attracting home buyers to go into the market. However, buying a property includes many upfront costs including down payment, closing costs, moving expenses and new furniture.

Are you worthy for a mortgage? – You have probably saved some cash; however, do you have a good credit status? Certainly, buying a house these days is tougher than it used to be. Mortgage lenders tend to look closely at all papers including your assets, liabilities, income and debts so ensure that you are below the maximum debt-to-income ratio. It is then imperative to review your financial situation before you find homes.

Will you live in the house for at least five years?– A lot of personal finance professionals say that unless you plan to stay in a house for years, you will not recoup the expenses related with purchasing and later selling the home. Plus, your first years of paying your mortgage primarily pay off interest instead of your principal, thus you don`t build up many equity in your house. You can be better off renting if you don`t stay in a Scottsdale real estate in the next two years.

Is the property worth your money? – Remember that the home in which you stay is an investment and money will often be relevant. The worthiness of a purchase actually depends on what you buy the house for. Also, many people these days do not purchase houses anymore as they buy homes.

If you want to know more about SCOTTSDALE REAL ESTATE, please contact Scottsdale Real Estate Expert, Jen Wehner today at 480-748-6925 or Jennifer@JenniferWehner.com