Whether you're purchasing your first house, moving up to something larger, downsizing or considering a second home or cabin, buying a new home is often both a financial goal and a major event in your life. A home is one of the biggest investments you'll ever make and one you'll probably live with (and in) for years to come.

 

 

Getting Started as a Home Buyer

 

First, consider the features that are important to you, including the neighborhood, size and style of home, quality of schools, property taxes and proximity to shopping and work. Next, determine how much house you can comfortably afford and consider how your expenses will change with home ownership.

 

 

Investigate Financing and Home Mortgage Options

•  Order your credit report and check it for errors
• Evaluate the amount you'll need for a down payment
• Compare various home mortgage terms and rates and consider which type of mortgage will work best for you. Mortgages are generally available with fixed or adjustable rates and terms of 15 to 30 years.
• Obtain prequalification or preapproval for a mortgage

 

 

Other Financial Considerations for Buying a Home

 Once you’ve decided on a home to purchase, our team of Financial Advisors can help you address more complex financial questions that you may encounter:

• Will your home purchase have any impact on your other financial goals? Do you need to make adjustments to your financial plan?
• What type of insurance might you need on the property? Have you estimated your premium for homeowners and flood insurance?
• If you’re going to live in the home as your primary residence, do you understand the tax benefits of home ownership?
• Will you be using your home for business? If so, you might be eligible for a home office tax benefit.
• Do you have any property ownership issues that need to be addressed such as sole ownership or tenancy in common?
• Do you need to review or update your estate plan?

 

 

Are you Ready to Make the Move?

 

Our team of Financial Advisors at Genesis Wealth Advisors can assist you with many of these home-buying details, and help you stay on track to achieve your other financial goals, too.

 

 

To learn more about Buying a home and other financial services, contact Genesis Wealth Advisors to schedule an appointment today.