Buying and owning a home is a quintessential part of the American dream.
For many, it’s a lofty aspiration but in reality, buying a house is a process that requires determination, foresight and careful planning.
Before getting into the nitty-gritty of buying a house, one of the first big questions you ask yourself is: Where?
Choosing the location of your new home is vital—it’s where you build the foundation of your life for the foreseeable future.
For many, that choice is Phoenix, Arizona. The Grand Canyon State is known for its desert climate but the city has so much more to offer in terms of culture, entertainment, sports, cuisine and overall growth.
The Phoenix real estate market has been on a steady growth, with predictions that the median home price will continue to increase. Despite this, there is a strong demand driven by a robust job market and a growing upwardly mobile population.
If you’re looking for new homes in Phoenix under $200K or new construction homes in Phoenix, here are four must-haves before you start house-hunting for your dream home.
· A checklist. Buying a house, in a big city like Phoenix no less, is a major milestone. It requires unwavering commitment. And most of all, it requires a plan. Make a list of your short- and long-term plans to ensure that buying a house makes financial sense for you and your family. A checklist will also help you in shortlisting your potential home choices based on location (proximity to work and schools, community, nearby amenities), size (single family, duplex) and lifestyle (space for entertaining guests, home office).
But remember not to get too caught up in the aspects that as more of a ‘want’ than a ‘need.’ Before checking off your dream pool bar or outdoor kitchen, make sure that the basics are covered like the actual structure of the house, electricity or ventilation.
A checklist will also come in handy when you’re ready to close a purchase. Knowing the essentials will help you renegotiate prices or make that final decision.
· A budget. Homes for sale in Phoenix will most definitely vary based on multiple factors but one thing is constant—you need a considerable budget. Mortgage aside, you need to prepare for closing fees, house inspection, down payment, insurance, and move-in expenses. The down payment is something you cannot borrow so you have to save up or raise this amount. You can also look at home buyer assistance programs offered by the state.
· A mortgage. Before house hunting, you need to be pre-approved for a loan so you know how which houses are within your range. Having a pre-approval letter also gives you a better shot when making an offer because it tells the seller that you are serious about the purchase.
To get pre-approved for a loan, you need to have a good credit score. This is something that you can manage by being proactive. Make sure you always pay your bills and other loans on time. And if possible, avoid racking up more credit you cannot settle immediately, especially on your credit card.
Other factors that they check for pre-approval include income, debts, and assets. Your income should be stable and consistent. For instance, if a bulk of your income comes from tips or commission which tends to vary, a potential lender will have to compute an average to use as a basis for the loan amount.
· A real estate professional. Navigating the Phoenix real estate market can be challenging but the good news is you don’t have to do it on your own. A real estate professional will help land you viewing appointments and negotiate terms and prices. Find an agent you can trust and you can be open with because buying a house is a long-term commitment.
Being part of a community, immersed in the culture of a city and growing a family, a career or a business in a place that you can genuinely call home—all these do not have to be a dream. Phoenix homes are among the most sought after in the country, and with hard work plus the right partner, you can own one too.
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