Whether you’re buying your first home or you’re a seasoned real estate investor, the process can be overwhelming. If you’re a first time buyer interested in Indian Wells real estate, there are a few things to keep in mind and strategies to put in place that will make the transaction much easier to navigate. Follow these tips below and you’ll be much less stressed and much happier with the outcome.
1. Only buy if you can stay put for awhile. If you’re a first-time buyer, then we’re guessing it’s the biggest financial transaction of your life. If you’re trying to decide whether or not you’re ready to buy one of those Palm Springs homes for sale that you’ve been looking at, and you can’t afford to stay in one place for several years, it may not be the right time to buy. The transaction costs of buying and selling a home can be extensive, so if you were only planning to stay for a year or so, you may end up losing money—and if prices drop, the situation would be exacerbated.
2. Aim for houses you can afford. Many professionals use the following as a standard guideline: only consider property that equals around two and a half times your yearly income. There are many resources and calculators online that can help you determine if you can really afford the Indian Wells real estate you’re interested in.
3. Get your credit in check. If possible, start working on your credit six months before you plan to apply for a mortgage. Run a credit check and dispute any discrepancies and draft explanations for anything that might alert lenders. The goal is to get your credit history as clean as possible.
Are you still ready to buy or at least start looking? Click here to browse listings of some spectacular Palm Springs homes for sale.
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