- Request a free credit report from Experian or Equifax. Review it for accuracy and note your score. If your score is low, you may pay a higher interest rate. Higher rates will reduce the amount you can spend on your home purchase. Decide if this is a good time to buy or should you work on improving your credit rating. Note: Credit score below 600 is where you should consider ways to improve your credit score.
- Save your money. You may need it for your down payment, closing costs, moving or other expenses.
- Get preapproved for your loan. Go to your local bank, or I can recommend several, they will tell you how much you can borrow. This will give you an edge over other buyers in a competitive market.
- Be realistic. Don’t over extend yourself buying your dream home. The dream can turn into a nightmare if you don’t consider all your costs associated with your home purchase! Monthly expenses to operate the home in addition to your mortgage payment. Taxes, insurance cost, association fees if applicable, utilities etc.
- Consult a professional. Work with me, Holly Dansbury real estate professional specializing in second home purchases in the Lake George real estate market.
- Research the neighborhood. I can help you with this. Even if you don’t have children, the school system could be important when you go to sell down the road. Location, location…the closeness to amenities is always important to consider. Visit the local town planning & zoning office to inquire about any proposed or past projects in the area.
- Make your offer contingent upon a home inspection. I have a list of recommended inspection companies to guide you through this step.
Would you like more tips to help you on your real estate journey? Please give me a call at 518-321-1870 or send me a quick note.
