What Should I Do Before Buying A Home?

If you are not familiar with the Temecula area, go online and research the area’s history and current community. Between farmer’s markets and art shows, you have many activities to choose from throughout the year in Temecula. Look at current home prices in the area and start saving for a down payment. It is not unusual to put 10 to 20 percent down as a down payment on a first home. Talk to your local banker about prequalification on a home loan. Although you may not have a property selected yet, knowing what the bank is willing to lend you is an important first step. They can also run a credit check for you to verify credit history.

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How Much Can I Afford?

Along with principal and interest on a mortgage, you need to look at other costs associated with property purchases to see if you can afford the monthly payments. For example, property taxes and home insurance should be included in your monthly calculations. A property may also have home association fees each month to cover community fees, from landscaping to swimming pool maintenance. Taking all of these considerations into account helps you approximate your monthly bill for housing alone.

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Why Should I Buy Instead Of Rent?

Buying a home increases your assets over time. As the mortgage is paid down, you build equity in the property. When you rent a property, you are not gaining any investment back. After owning your property for several years, you could rent it yourself. If you can rent it for at least your mortgage amount or more, you make a profit and build equity at the same time. Properties can also be handed down through the generations to children and grandchildren. Owning a property gives you versatility, from investment to interior decorating — all of which, renting cannot offer.

How Do I Choose The Best Mortgage Loan?

Mortgage loans have terms ranging from 15 to 30 years. The interest rate can be fixed or adjustable. A first time home buyer may not want to be in the home for more than 10 years. If that is the case, an adjustable 30 year mortgage is well-suited to your situation. A 15 year loan is best for people who want to pay off the mortgage quickly at a low interest rate. The monthly payment, however, is much higher than a 30 year loan. Talking with your lender about your future goals gives them an idea of different loan programs that can be offered for easy monthly payments.

What Should I Look For When Deciding On A Community?

Talk to people in your prospective Temecula neighborhood. Hearing about school quality and crime rates directly from residents gives you an idea about the region’s culture and daily life. If you want to be centered around events and have quick access to shops, you should look around downtown Temecula. If you’re worried about your children’s education, find a home near a great school. These are just some of the things to consider when finding a great home.

How Do I Make The Right Offer On A Home?

A typical bid on a property is about 5 percent below the asking price. You can negotiate with the owner until a proper amount is agreed upon. The first offer is usually countered with another amount. Always get a comparable market analysis and do a little research of what homes are valued at in the area. From there, you can make a wise decision in consultation with your agent.

 
Buying a Home in Southern CA

Purchasing your new home takes consideration of the Temecula area and your financial situation. Be honest with yourself and determine a monthly payment that is reasonable for the long-term. Start searching for your new home here:

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