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What to Consider When Buying Your First Home by Richard Conard
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What to Consider When Buying Your First Home |
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Real Estate
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Regardless of how ideal the market for homes for sale downtown Telluride may seem, it is always a good idea for you to sit down with do a serious Telluride real estate market analysis before you take any decisive action. You want to sit with your Telluride CO real estate agent and together try to see your life in some three or five years so you can ask yourself some very pertinent questions before you purchase your first Telluride home.
Affordability: The decision to buy homes for sale in Telluride will definitely have a very serious impact on your financial situation and, as a result, you want to make sure that you can be able to handle it. Housing may be more affordable than ever before; what with incentives such as a new expanded tax credit to entice new buyers to the market and low interest rates. However, there are many other up-front costs that you must consider when you are dealing with homes for sale downtown Telluride such as down payments, closing costs, moving expenses and new furniture to name a few; ask yourself whether you can honestly afford this. You must create a budget for paying your monthly mortgage and other related home ownership costs including maintenance or homeowners association fees if you buy a condo.
Mortgage worth: Perhaps you have decided to start a Telluride real estate search after you have made enough savings; however, you need to also check out you credit worthiness; there is no doubt that these days it has become harder to get a mortgage because more than any other time in history, mortgage lenders are taking a closer look at all forms of identification including debts, assets, income and liabilities in order to ensure that borrowers don’t exceed their debt to income ratios. When talking about credit scores, the most competitive rates are reserved for buyers that have good credit scores. You therefore want to make sure that you have done a good review of your financial situation before can search for homes for sale in downtown Telluride.
How you plan long to stay: According to the leading finance experts, the only way you can be sure that you will recoup your expenses that are associated with buying and thereafter selling your Telluride home is when you plan to stay in that home for at least five years. You want to take note of the fact that the first few years of mortgage payments towards homes in downtown Telluride will be spent paying of the interest and not necessarily the principal sum; this means that you will not have necessarily built up any equity in your home. You will be better off renting out you Telluride home if you think that you will need a few years before you can be able to move in.
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