You may have been looking for homes in Idaho for some time now, taking the Summer to see what the market was going to do, and you're pretty sure that you're narrowing it down to some homes you love but you're still not sure if you're ready to buy. It's understandable, a lot of details have to come together before you can close on a home - so where do you even begin?
Here are 3 ways to know you might be ready to buy a home:
Have a stable income
This is one of the most important factors in determining whether you are ready to buy a home. Lenders will look at your income history and employment stability to determine how much of a mortgage you can afford. If you have a steady job and a good income, you will be in a better position to make your monthly mortgage payments.
Have low debt-to-income ratio
Your debt-to-income ratio is the percentage of your monthly income that goes towards debt payments. Lenders typically want your debt-to-income ratio to be below 36%. If your debt-to-income ratio is too high, it will be difficult to qualify for a mortgage.
Have enough saved for a down payment
A down payment is the amount of money you put down when you buy a house. The larger your down payment, the lower your monthly mortgage payments will be. Lenders typically require a down payment of at least 20% of the purchase price of the home.
In addition to these three factors, there are other things to consider when deciding if you are ready to buy a home. These include:
Your budget: Can you afford the monthly mortgage payments, property taxes, insurance, and other home ownership costs?
Your lifestyle: Are you ready to commit to living in one place for the next few years?
Your family plans: If you plan to have children, do you have enough space for them?
Your employment: Are you confident in your job security?
If you can answer yes to these questions, then you may be ready to buy a home! No matter what stage of the home buying process you find yourself in, we hope that you will feel confident in calling on our experienced mountain real estate agents!
So, you've started looking for your perfect Idaho home! You've searched high and low and maybe even found a few possibilities, so it's time to get serious. That likely means talking to a lender to secure the finances for your new dream home; there's more to it than just asking nicely. To help you get your ducks all lined up to buy we've put together this quick list of 3 things a lender will need from you before you can buy a home:
Proof of income and employment. Lenders want to see that you have a steady income that can support your mortgage payments. They will typically ask for the following documents:
A good credit score. Your credit score is a measure of your financial history and how well you manage your debt. Lenders use your credit score to assess your risk as a borrower. A good credit score will help you get a better interest rate on your mortgage.
A down payment. A down payment is the amount of money you put down when you buy a home. The larger your down payment, the lower your monthly mortgage payments will be. Most lenders require a down payment of at least 20% of the purchase price of the home.
In addition to these three things, lenders may also ask for other information, such as your debt-to-income ratio, your assets, and your housing expenses. The specific requirements will vary depending on the lender and the type of loan you are applying for.
Once you have gathered all of the required documentation, you can start the mortgage application process. This process can take several weeks, so it is important to start early.
Here are some tips for getting a mortgage:
Buying a home in Idaho is a big decision, but it can be a very rewarding one! By following these tips, you can increase your chances of getting a mortgage and buying the home of your dreams. And thankfully you've got your Garden Valley Properties team here on call to help any time you have a question - so get in touch!
In some cases, you buy knowing a place is going to need some work. You look forward to making it yours, changing it into exactly what you want...other times, well, there can be surprises to your new home - even when you get it inspected! We're not trying to scare you, we want you to be prepared, especially if you don't have a good real estate agent to let you know about these things!
So we've put together some of the most common repairs new homeowners have to make:
These are just some of the most common repairs new homeowners have to make! It's important to be prepared for these repairs, and to have a budget set aside for them. You should also make sure you have a good home inspector look at your home before you buy it, so you can be aware of any potential problems. By being prepared for these repairs, you can save yourself a lot of stress and money in the long run.
There's a famous saying: "Buy Land! They aren't making any more of it!", and it's a very true fact! Whether it be as an investment for the future, a business need, or to build that family spread you've been dreaming about - LAND is what's needed to make those dreams come true. Fortunately, here in Idaho we're blessed with abundant and beautiful wide open spaces to call home, but if you're still on the fence about it here are a few more reasons to think about buying land in Idaho:
Here are some additional tips for buying land in Idaho:
Do your research. Before you buy any land, it is important to do your research and learn as much as you can about the area. This includes things like the local zoning laws, the property taxes, and the climate.
Get a good real estate agent. A good real estate agent can help you find the right piece of land for your needs and budget. They can also negotiate on your behalf and help you through the closing process.
Be prepared to wait. It can take some time to find the right piece of land in Idaho. The state is popular with buyers, so there is often competition for good properties.
Be patient. Buying land is a big investment. It is important to be patient and make sure that you are making the right decision.
If you've been looking for land, we're here at Garden Valley Properties to help you find just the right piece!
Take a look at our listings or get in touch today to start finding home in the mountains!
Summer time arrives and many folks don't think about selling their home, or they put previous plans on hold. It's easy to understand, the weather is warm, the kids are out of school, and everyone wants to go play rather than think about real estate - but fact of the matter is, Summer in Idaho is a great time to think about selling! If you're considering selling your home, these quick tips will help you get ready.
De-clutter and depersonalize your home.
The first step to getting your home ready to sell is to de-clutter and depersonalize it. This means getting rid of any unnecessary furniture, belongings, and personal items. Buyers want to be able to imagine themselves living in your home, so it's important to create a blank slate for them.
Start by going through each room in your home and getting rid of anything you don't use or need. If you're not sure whether to keep something, ask yourself if it's something you would buy if you were looking at a home to purchase. If the answer is no, then it's time to get rid of it.
Once you've de-cluttered, it's time to depersonalize your home. This means taking down any personal photos, artwork, or other items that make your home feel like your home. Buyers want to be able to see themselves in your home, so it's important to create a neutral space.
If you're having trouble de-cluttering and depersonalizing your home, you may want to hire a professional organizer. A professional organizer can help you get rid of the clutter and create a space that's both stylish and inviting.
Make repairs and improvements.
Once your home is de-cluttered and depersonalized, it's time to make any necessary repairs and improvements. This includes things like fixing any broken appliances, painting any walls that are in need of a fresh coat, and repairing any damage to the flooring or countertops.
It's also a good idea to update any outdated fixtures or appliances. For example, if your kitchen has old appliances, you may want to consider replacing them with newer, more energy-efficient models.
Making repairs and improvements will help your home look its best and make it more appealing to buyers.
Stage your home.
Once your home is clean, de-cluttered, and repaired, it's time to stage it. Staging is the process of making your home look its best for potential buyers. This includes things like arranging furniture in a way that makes the space feel open and inviting, adding fresh flowers and plants, and deodorizing the home.
If you're not sure how to stage your home, you may want to hire a professional stager. A professional stager can help you create a space that's both stylish and inviting, and will help you sell your home faster.
Be patient.
Selling a home can take time, trust the process, and communicate with your chosen REALTOR. Don't expect to sell your home overnight! Be patient and keep your home on the market until you find the right buyer.
Here are some additional tips for getting your home ready to sell:
Get your home professionally cleaned.
Make sure your home is always clean and tidy when potential buyers come to see it.
Be available to show your home to potential buyers.
Be prepared to negotiate on the price.
By following these tips, you can increase your chances of selling your home quickly and for top dollar.
Of course, the very best tip is to work with a qualified real estate professional that knows the market and the area!
Fortunately, our team here at GVP is on call and ready to help YOU! Don't delay your plans, get your home in Idaho sold - call GVP!