The holidays a crazy time, but if you want a great deal on a house, now is the absolute best time to buy. Don’t believe us? Just take a look at the stats. According to recent data from ATTOM Data Solutions, the 10 best days to buy a home all fall between November and February, with the highest savings on December 26th!
It may seem like an overwhelming decision to buy property, especially during the crazy holiday season. Most people feel confused if they qualify, how much to invest, and what property type would be best for themselves. The following are three questions and steps to get the ball rolling on your home purchase this season.
Do I even qualify?
Many people are under the false notion that you are required to have 20% of the home’s value in your savings account to put towards a down payment and that your credit needs to be perfect. While that can definitely open up many options, it’s definitely not the case.
90% of first time home buyers paid 5 percent or less in down payment.
If you qualify for a VA loan, you can even qualify for a zero down payment. This opens up many more doors than the myths of requirements many people have.
There are many people that are ready to buy a home and don’t know it. The most important – and scary – step is actually sitting down with a professional, whether it’s a lender or real estate agent, and reviewing your budget and your options. The worst-case scenario is you need more time to prepare, but you’ll come out with a roadmap to get ready. Many people are surprised they can qualify under different programs tailored to your needs and location.
I got approved, now what?
This is a question that many people have. You may be surprised at how much or how little purchasing power you will be qualified for. The image of the perfect home may now begin to shift from an ambiguous hope in your mind to actual home listings. There are so many variables to purchasing that nobody can make these decisions for you. You need to consider if you want something that is move-in ready that may cost more. If something that is livable that you can fix as you go and save. But ultimately the next step is to just start searching local real estate.
Fixer upper or custom built home?
Purchasing a fixer upper is an attractive route to go when searching for a great deal. And compounding that with a seasonal purchase could translate into compounded savings that even Kohl’s would be proud of. Keep in mind however that fixer uppers work best when the home isn’t a dump, it’s simply dated and not your dream home quite yet. You will likely find homes at reasonable prices, and you won’t have to spend a lot of money right away. The ideal fixer upper property has issues, but they’re all cosmetic, not expensive and structural.
Those who do not want to deal with the problems that come with older homes may want to consider contracting a custom home builder. This builder is going to work with you to erect a brand new home with features that would make your family happy. Your very own American dream. Building a home that suits you and your family’s needs is definitely a step above and custom building a home gives you complete control. This may not be the option for everyone, but a new home may end up being cheaper than trying to fix something that would be cheaper to replace.
No matter what kind of home you’re dreaming of, start your search now. If you find something perfect, now is definitely the right time to pounce in order to reap the financial benefits. Click here to search homes for sale.
