Real Estate Corona, CA

How to Find the Right Home

 

You’ve made the big decision to buy a home but how do you go about finding the perfect home for you and your family? In certain cases, this can be the most difficult element of the home buying process. While there is no perfect formula for revealing which home is right for you, there are some important factors that can be considered:

1. How much house can you afford?

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Knowing you want to buy a home is one thing but knowing what you can pay for is another. This first step facilitates in narrowing your search within your budget. To better understand your budget, follow the 28/36 rule, this calculates the amount of debt that can be taken on by an individual or household. No more than 28% of your gross monthly income (GMI) should go to your total housing expenses and your total debt should not exceed 36% of your GMI. For instance, if you make $6,000 per month but you currently spend $500 paying off debt, divide $500 by $6,000 to receive a debt to income ratio of 8.3% (which is fantastic!). Now add your recommended mortgage payment to the mix. You will be paying $2,180 off of debt per month. Divide this by $6,000 to receive a debt to income ratio of exactly 36%. This is the maximum that you can afford, going past this line can be a risky move.

Plug in your own numbers at realtor.com’s Home Affordability Calculator to see how much house you can afford.

2. What type of home do you desire?

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There are a range of single family homes to choose from when searching for a home. What aspects or necessities make up your dream home? How many bedrooms? Do you need a big yard or a condo with a patio? Pool or no pool? Equally, what aspects would exclude a home from your list of prospects? All of these questions will help you center your search on homes that fit your needs.

 

3. Location

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When buying a home you are also buying into a neighborhood. How do you go about deciding what kind of neighborhood is best for you and your family? The quality of the neighborhood is a top factor in influencing where a family lives.  Other common factors that make or break your experience are job commute, affordability of homes, convenient to family/friends and the design of the neighborhood. Once you have considered what your ideal neighborhood will look like, it will make finding the right home an easier process.

 

4. What’s your lifestyle?

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Once you’ve found your desired neighborhood, another way to narrow down your search is to take a long look at your lifestyle. Are you single and intend to live in the heart of an urban city? Married with kids and want to live in a family oriented suburb with a large backyard and pool? Are you retired and looking to downsize? Do you need any special features for your pets? Do you need a space for your car or is street parking sufficient? How important is walk-ability to you? Your current stage of life, as well as your desired lifestyle, often influences the types of areas and neighborhoods that appeal to you.

 

5. Are you ready to start your home search? Let’s discuss it!

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Once you have asked yourself the right questions and defined the right home for you, pay me a visit at my office or call me and we will discuss your options. Finding the right home can be a difficult and stressful process, however, having me, Shannon Seif, by your side you are sure to make the right decision. Contact me today, your Corona/Norco Realtor, In Real Estate It’s Better To Be Seif Than Sorry. 

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