5 Things You Need to Prepare before Buying a Home in Candlewood Lake
5 Things You Need to Prepare before Buying a Home in Candlewood Lake
Buying Candlewood Lake and Lake Lillinonah properties can be daunting. There are so many things that you have to consider such as credit scores, down payments, and mortgages. If you fail to plan before buying a home, it can lead to severe repercussions. Listed below are some the things you need to prepare before you make one of the biggest purchases of your life.
- Cash for down payment
Before you purchase any Candlewood Lake homes, make sure you have stashed money in a high-yield savings account. In today’s tighter credit market, it is a necessity to have a down payment of up to 20%. Aside from that, some mortgage lenders also require at least six month’s worth of mortgage payments “on hand.”
- Your credit score
If you are buying your home with a spouse or a partner, both of you need great credit to qualify for the mortgage. If one of you has poor credit, you might need to make some adjustments and preparations to buy the home with only one borrower on the loan. The signing borrower needs to have enough income and assets to qualify alone. Before you start shopping for Candlewood Lake real estate, check your credit score first and take the necessary steps to improve your credit standing.
- Your expectations
Before you start looking for a property, you need to have an idea of what you would like to have in a home. Walk-in closets, granite countertops, and a two-car garage are some of the items that are in most home buyers’ list. However, you have to keep your expectations realistic. Do not hastily rule out a home just because it doesn’t have all the items on your desired list. As a homebuyer, you need to distinguish between necessities and wishes. Not being clear with your must-haves will make the home buying process more difficult for you.
- Your preferred location
Experts suggest that is good for home buyers to be specific with the location they want. After all, location will dictate how you will live. Having just a general sense of a region or a city is not enough; you need to narrow down your search to certain neighborhoods. Determine which amenities are important to you and your lifestyle. These may include schools, public transportation, and grocery stores. After determining the place where you want to live, check out open houses and contact a real estate agent who knows the area well.
- Your attitude towards homeownership
Homeownership is not for everyone. Even if you have already been approved for a mortgage and have a budget, it doesn’t always mean that you should buy a home. Before you make the purchase, it is good to evaluate your needs, wants, and immediate future plans. You also need to consider your lifestyle and your goals. Home ownership entails a lot of responsibilities.
With these ideas, you will be more prepared to make the first step towards homeownership. Check out https://www.CandlewoodLakeCTRealEstate.com today to see the latest lakefront homes for sale in the area.
If you want to work with a real estate professional who can assist you in buying or selling Candlewood Lake, Lake Lillinonah homes, Lake Warmaug and Lake Zoar real estate, call me, Deborah Laemmerhirt, at 203-994-4297. I have the knowledge, expertise, and tools to help you close that deal.
