House-hunting can take a lot of time and effort, so to make the process a little bit easier, I have compiled what I believe to be the most important questions to ask oneself during the process.

 

How Much Can I Afford in a House?

      Knowing whether or not you will be able to afford the home of your dreams, and being able to set the budget at a reasonable price, is one of the most important aspects of house-hunting. While it may seem daunting to find this information, there are luckily some good sources available to help make this determination! One which I recommend would be the calculator on nerdwallet.com, which takes several factors into account, such as income, debts, and savings. Their website also provides a full first-time home buyer guide, with information on down payments, mortgage calculation, and more!

 

How do I Determine My Mortgage?

  Once again, there are many source available to help you determine your mortgage payments. One such source is on our homepage! Our calculator will provide you with a generalized estimate for your mortgage. Should you wish for a more specific calculation of what your mortgage could look like, you can click the "advanced" link on our homepage, or click here. These calculators take into account:

• Home Price
• Down Payment
• Length of the Loan
• Interest Rate

  As one final note on the mortgage, I would encourage you to get your loans pre-approved. This should be done before placing an offer on a home, as this can help you find the correct affordability of a household, as relating to the first point of this blog post.

 

What is the Neighborhood Like?

  There are many aspects to what makes a neighborhood hospitable. For instance, something as simple as what amenities are available in the area could affect your desire to live there. A good example of this would be to look into the quality and distance of schools in the area.

  A second aspect is of course the neighbors. Both the condition of the houses in the neighborhood and the people themselves influence your experience in living there, and indicate the quality of living within the area. You can use Google Maps Street View to look at the houses if you don't have time to go yourself, though it should be kept in mind that this isn't always up to date. You can ask the seller what their thoughts on their neighbors are, though take it with a grain of salt. 

  Thirdly, investigate if there are any natural disasters common to the area. This could be anything from flooding to earthquakes, as it could be these occurrences that influenced the previous owners to move, and could also determine the condition of the house itself. 

     Lastly, if crime is something you are concerned about, a quick google search could help to ease your mind. There are quite a few sources for seeing the crime statistics in a region, and some cities such as New York City even have detailed crime maps which you can look at! 

 

What Additional Costs Will Come With the Property?

      This can include several follow-up questions, such as when was the roof last repaired? What will be going with the sellers? How old are the major appliances and systems? These are all things that could factor into the total cost of the household. Houses need regular maintenance on roofs, and maybe the seller is taking the appliances with, or they are old and need to be replaced regardless.

      All these will help you determine what costs are needed to make the home livable. Though you can ask your real estate agent, it is best to get the seller's answer to this in writing, to ensure they leave behind the agreed items. A more long term cost to look into would be utilities, as these will have to be constant consideration once you move in, and you will need to ensure it is within your monthly budget.

 

Why is the Seller Moving Out?

      This question can reveal a lot, as the reason for them moving out may deter you from wanting to move in. Of course, much of the time the reason is more obvious than issues with the house or neighborhood, such as the seller relocating for their career. Still, the seller is a great source of information about the household, as they are required to tell you about any issues the house has. Any problems they don't know about are likely to show up during the inspection, so it doesn't hurt to ask. They can also give you additional information, such as what the neighbors are like, as mentioned in the previous point.