Are you looking to transition from renting to buying in southern New Hampshire? You may think that being a homeowner is similar to renting.
However, that’s not quite the case. In fact, there are a number of things you should prepare for before closing on a new home. From fixing leaky faucets to budgeting for new expenses, home ownership is a new ball game.
Here are four tips to guide you through the transition:
1. Review and Prepare Your Financial Background
Prior to purchasing a home in southern New Hampshire, it is important to clean up your finances. Speak with a loan officer long before you decide to buy, and ask them to review your credit with you. A low credit score can result in higher interest rates. If you need to boost your credit score, the loan officer will be able to offer you tailored advice on how to achieve that.
Aside from your credit score, there are many other aspects that mortgage lenders are mindful of, such as:
- Time on job
- Debt to income ratio
- Recent applications for other loans
- Payment history
- Major derogatories, such as a bankruptcy or delinquent loan
- Current dispute statements
2. Keep Your Long-Term Vision in Mind
Purchasing a home is much more permanent than renting. It is important to keep a long-term vision in mind when making such a huge investment. For example, if you’re looking at a home with an HOA, you should make sure that the company is financially sound and that the property is being well managed.
You will also want to have a thorough home inspection done prior to closing. The inspector will identify any issues that currently exist or may develop down the road.
Additionally, consider the school district, zoning information, room for growth, ability to eventually sell your home, and any other “big picture” facets. Take the necessary time to do proper research.
3. Create a Realistic Budget
A mortgage payment isn’t the only expense you’re responsible for when going from renting to buying in southern New Hampshire. Homeowner’s insurance, property taxes, utility bills, landscaping, maintenance, and repairs are just some of the many costs that come with being a homeowner. Don’t forget to account for these costs when budgeting for your future home.
4. Prepare to Be Your Own Landlord
The luxury of renting is that when something breaks, you are not usually responsible for fixing it. Conversely, when you own a house, the responsibility falls onto your shoulders. It’s a good idea to become familiar with basic landscaping and handiwork that might need to be done around the house. Additionally, we recommend having a savings account dedicated to maintenance and repairs. Reparations are always a hassle, but if money is set aside, your stress will be much more manageable.
Sell Your Home Fast With NH Home Buyers
Transitioning from renting to buying is an accomplishment that you should be proud of. When the time comes for you to move on from your new home, NH Home Buyers is here to make the process as stress-free as possible. From Amherst to Atkinson, to Bow and Dover, we buy houses in the Southern New Hampshire area and can offer you a fair price for your property without fees or commissions. Contact us today for more details.