Spring has been pretty slow to arrive in New Hampshire this year, but once it does, the Spring housing market moves fast! If you’re searching for a new home, we suggest being prepared to make confident decisions.
Interest rates are rising and are expected to continue to go up, so many buyers are trying to purchase their home before the rates increase again. That doesn’t mean you should make hasty decisions or settle for any house you see. But if you have everything else in order and happen to find your dream home, completing the process will be much easier, and you just might be able to lock in the current interest rate.
One of the first things to do is determine your budget and get approved ahead of time for a mortgage. Visit your bank or credit union — or shop for the best interest rates at another financial institution — and speak to a loan officer who can help you with calculations and applying for the mortgage.
Several factors will influence the interest rate you qualify for and the amount you borrow to pay for your home. If you have saved a significant down payment, more money up front means a smaller loan that you have to pay back over the life of your mortgage. A solid credit score essentially tells a bank you can be trusted to pay your mortgage. If you need to improve your credit score before applying for a loan, take the time to do that.
When it comes to looking at homes, you probably have a basic idea of the features you want. The number of bedrooms and bathrooms is a standard decision that many families won’t or can’t budge on. Other options just depend on preferences. Do you want a formal dining room? Does the home need to have a garage? Is an attic necessary for storage? As you tour various houses, you might become more flexible about some needs and wants, or you might even come up with new ideas of “must haves” you hadn’t thought about. You will also learn that it’s rare to find a perfect home that doesn’t need any repairs, updates, or renovation to make it fit your vision.
If you really want the best chance of getting everything you want in a home, consider new construction and build it yourself. There are many benefits to new construction. First, it’s brand new, and you know everything will be in good enough shape to last for years. You’re also not bidding against competitive buyers. Once you decide on the area and the plot of land, you work with the builder to customize your home. Choose the style, floor plan, and have a say in features such as fixtures, adding electrical outlets, flooring or carpet, cabinetry and countertops.
When you choose to partner with a builder for your dream home, they will walk you through the home buying process from start to finish, including financing options and what you need to do to get pre-approved for a mortgage.
Interested in seeing what we have to offer in Southern New Hampshire? Call us for a tour today!