Important Steps to Consider for Purchasing a Home

Where you buy not only affects the home’s current and future value, but it also affects your lifestyle. Your agent will be able to conduct a more targeted home search if you outline your preferences in neighborhoods and nearby amenities. Here’s a checklist of items you should consider and communicate to your chosen real estate agent.

• Urban, suburban or rural

• Commute time

• School districts

• Desirable neighborhoods

• Proximity to the airport

• Proximity to restaurants and retail

• Access to major highways and thoroughfares

• Access to public transportation

• Health care facilities

• Parks and recreation

• Length of time you plan to live in the home (Your agent should be knowledgeable about growth trends and projections that could affect your investment.)

Buying a home in Scottsdale is a big step for most people so approaching the process with some basic knowledge and the right resources is important. An experienced and knowledgeable buyer’s agent will be your best resource to guide you through the local Scottsdale Real Estate market and assist you with finding the best home at the best price. The guide below is an important tool in the home buying process. The Select Realty Group is happy to provide this guide as a resource for all of our buyers.

One of the first and most important decisions in purchasing a home is deciding where you want to buy. The Phoenix Metro market has a vast offering of housing. Finding the right neighborhood is a must. We offer daily tours of Scottsdale neighborhoods to help buyers find the right neighborhood. Contact us today for more information and to schedule your tour 480-818-5105!

Deciding How Much Home You Can Afford

Your lender decides what you can borrow, but you decide what you can afford.

Lenders are careful, however they make qualification decisions based on averages and formulas. They won’t understand the nuances of your lifestyle and spending patterns quite as well as you do. So, leave a little room for the unexpected – for all the new opportunities your home will give you to spend money, from furnishings, to landscaping, to repairs.

Historically, banks use a ratio called 28/36 to decide how much borrowers could borrow. An approved housing payment couldn’t be more than 28 percent of the buyer’s gross monthly income, and his or her total debt load, including car payments, student loans, and credit card payments, couldn’t be more than 36 percent. As home prices have risen, some lenders have responded by stretching these ratios to as high as 50 percent. No matter how expensive your market though, we urge you to think carefully before stretching your budget quite so much.

Deciding how much you can afford should involve some careful attention to how your financial profile will change in the upcoming years. In the long run, your own peace of mind and security will matter most.

Creating Your Home Wishlist

Before the home search begins, your real estate agent will want to know as much as possible about the features and amenities you desire. To help your agent better serve you, analyze what you want and what you need in a home’s features and amenities.

Features:

• Age: Do you prefer historic properties, or newer ones?

• Style: Do you have a special preference for ranches, bungalows, or another style of construction?

• Bedrooms: How many?

• Bathrooms: How many? Are they updated?

• Living and Dining Areas: A traditional, formal layout, or a more open, contemporary plan?

• Stories: How many?

• Square feet: How much space?

• Ceilings: How high?

• Kitchen: How big? Recently updated? Open to other living areas?

• Storage: Big closets, a shed, an extra-large garage?

• Parking: A garage or carport? Room for how many cars?

• Extras: Attic or basement?

Amenities:

• Office

• Play/exercise room

• Security system

• Sprinkler system

• Workshop/Studio

• In-law suite

• Fireplace

• Pool

• Hot tub

• Sidewalk

• Wooded lot

• Patio, deck, or porch

• Laundry room