Searching for a home in Southern Oregon is an exciting time in our lives. Whether you’re a first-time homebuyer or moving to a new community, it’s easy to get caught up in the moment. Setting your dream wish list aside and compiling a list of criteria based on realistic goals will help to ensure you choose the best investment for your family. One of the first considerations is whether or not this is the right time to purchase a home.
If you’re thinking about a new home, consider these important items:
- Your current expenses. Your home will likely be the most expensive purchase you make, and you will be responsible for the payment for 15 to 30 years. It’s essential to map out all expenses you regularly incur every month–from credit card payments to grocery bills, medical expenses, mobile phone plans, and estimated utility costs such as cable, internet, and electricity. Perform an honest comparison of the costs to your income to determine how much room you have for a mortgage payment. This is an excellent first step to seeing how much home you can afford.
- Your job outlook. Are you new to the job, or do you have seniority? Do you work in a stable industry or one that regularly experiences slowdowns or layoffs? Do you enjoy your occupation, or are you considering moving into a new field? All of these questions will help you decide whether your current income stream will be consistent or if you should be financially flexible to withstand future changes.
- A down payment. Putting a substantial down payment on a home will dramatically impact the monthly payment amount as well as the total amount you will pay for the loan over its lifetime. Your real estate agent or mortgage loan representative can help you see the impact down payments of different amounts can make on both.
- How long you will stay. Before purchasing a home, it’s important to consider how long you plan to stay in an area. Buying and selling a home quickly after that can have adverse tax consequences, so sometimes renting is a better option. Typically it’s best to commit to staying in a home for two years before reselling it.
- The economy. It’s better to buy a home when it’s a buyer’s market, but it’s hard to control how many homes are available at the specific time you need to find a home. It’s also easier to buy a home affordably when interest rates are low, although low-interest rates will often mean home prices are higher.
Are you looking for a home in Southern Oregon?
The best place to begin your journey is with an experienced real estate agent like Gail Schoeneberg. Gail has extensive experience and knowledge, including marketing financing and buyer and seller representation in the Southern Oregon market. She will help you determine if buying a home is the right choice for you. And, of course, once you decide what you’re looking for, Gail will be at your side until you find the perfect new home for your family.
Contact Gail Schoeneberg today at 541-840-1909. Your new home awaits.
