Buying a house in Lorain County is an overwhelming experience. This is true whether this is your first house or your fifth house. Home ownership is always scary. Fortunately, there are many resources available to make the process a little easier. Knowing how to use these resources can really help the process of buying a home in Lorain County.
Are You Ready to Purchase a Home?
Before you start looking for the perfect home, you should make sure you are ready to purchase a home. This requires checking your credit score. Once per year, you can obtain a free copy of your credit report. Use Annualcreditreport.com to access your report.
Credit scores range between 300 and 850. You want your credit score closer to 850 than 300. A higher credit score increases your chances of qualifying for the loan needed to purchase a home.
Don’t forget to take the time to check your credit report for errors. If you notice any errors, report and dispute them. You should also use this time to work on repairing your credit.
Establish a Budget
If your credit score checks out, establishing a budget is the next step. How much of a house can you afford? Fortunately, there are tons of mortgage calculators available on the internet. When calculating an affordable monthly payment, remember to factor in these additional expenses of buying a home in Lorain County:
- Down Payment
- Closing Costs
- Attorney Fees
- Inspection or Appraisal Fees
- Remodeling Costs
- Furniture Costs
Finding the Perfect Area for Your Home
One of the more challenging factors of purchasing a home is finding a home – and a neighborhood – that suits your needs. No one can provide you with cut and dry steps on how to make this happen because it varies depending on your household situation. A single person who wants to find love and enjoy a night on the town needs a different living situation than a single parent with three children.
A retired couple or a family with children, for example, needs a home near parks or other recreational opportunities. A family with children also should consider the school districts when selecting a home to purchase. You should research various Lorain County school districts and county parks to decide what you want (or need) to live near.
Making an Offer on a Home
After finding the home of your dreams, you are ready to make an offer. Typically, sellers list their homes higher than they are worth. This is because the seller expects you to haggle. Five to ten percent below the listing price is an ideal starting point. However, it is a good idea to use resources, such as the Lorain County Auditor’s Office, to research similar houses in the area. Determine what sellers list and sell similar houses at to make sure you do not overspend.
Buying a house is a little like buying a car. You establish a budget and you stick to the budget. This is true even if it means walking away from the house of your dreams. Never stretch yourself to purchase a home you cannot realistically afford. You spend so much time struggling financially, you don’t get to stop and enjoy your dream house.
Know your credit score, establish a budget, know what kind of house you want, and research the area to find the perfect house to purchase in Lorain County.