Buyers of Navarre Real Estate are making the biggest investment that they will most likely ever make in their entire lives. It can be scary for new buyers to dive into such a big commitment! But don’t worry; Chris Stapleton Realty is here to help you.
Many first time home buyers such as millennials put down a minimum payment that they can financially handle and buy their home using an FHA loan. This means that your home is leveraged and you can’t immediately sell it in hopes to make a profit; it’s a long term commitment. Continue reading to learn the top 5 traits of a qualified home buyer!
What Traits Make a Good Home Buyer?
A home buyer has the time and resources to maintain a home because homes require constant upkeep. You’ll have a yard to mow, windows to clean, filters to replace, and you will also have to tend to minor repairs from time to time.
You need to live somewhere more permanent. If you can buy a home for around the same amount you pay in rent and don’t mind staying put for a while to build equity, becoming a home buyer might be a good decision.
You will make a good home buyer if you are employed with at least a few years on the job. If you don’t have at least two years of employment at the same company, then two years in the same field will suffice. Lenders expect to see stability in your employment history.
A good home buyer conforms to the market. If you’re the type of buyer who says that every home on the market is overpriced and you’re not going to pay that much, you’re not conforming to the marketplace. Serious home buyers do research and have realistic expectations.
A buyer who wants to stay in the area. If you are uncertain about your roots, it’s probably a good idea to skip on buying a house. Some people who relocate are able to rent out their home but handling a rental long-distance is not always a good idea. You don’t want to be forced to sell if you don’t have enough equity to pay commissions and the other selling costs.
A good home buyer is someone who has savings, enough for 2-3 months of mortgage payments. Mortgage lenders like to see buyers that have a good reserve. You cannot pinch pennies in order to make a home purchase possible. Making a big investment as such requires financial stability and security. You will need to have a small emergency fund just in case.
If you’re looking to buy a home or commercial property in Navarre, Gulf Breeze, Pensacola, Fort Walton Beach, Milton or Pace, Chris Stapleton Realty is the one to call!
Call Chris Stapleton Realty (850) 939-1099
We know that the choice between renting a house and buying Real Estate in Navarre is among the biggest financial decisions that many adults make. Here are some benefits of Renting Vs. Buying A Home In Navarre FL.
