Sage Realty knows that one of the primary concerns when deciding to look for homes for sale in Wayne or other Main Line communities is cost. Following are some of the common questions we get about the costs of purchasing a Main Line home.
1. When buying a home- how much can I afford?
Before you start looking, determine how much house you can afford. What monthly payments would you be comfortable with? Remember to factor in any down payment, local income and real estate taxes, association fees, home insurance, utilities and commuting costs. By working the numbers ahead of time, you can buy with confidence. We can help you by looking up local taxes, typical utility costs, transportation expenses and other items you might be overlooking.
Always seek lender preapproval before going out to look. Pre-approval helps you in several ways: you will know exactly the price range you need to work within, you will be able to provide a letter indicating preliminary approval to demonstrate to sellers that you are financially strong enough to buy their home, and you will avoid being rushed into making a less-than-perfect financing decision in order to close a deal.
2. If I am buying a home, how much of a down payment will I need?
Today, you have many choices in lender programs. One of them could be just the one you need. Looking for 5% down? Common. Ask the lender what percentage you need to get the best available rate. Then see what happens to the rate if you go just below that. You may decide to save a little more. Do you belong to any professional associations? Doctors and dentists have grouped to provide members with good options. You may have a credit union at your job.
3. How does home buying affect taxes?
In this area, taxes are not reassessed when you buy a home. They might be reassessed if you do improvements, however, and you need to look into that for your particular location if you plan to renovate significantly.
Call Sage Realty to Find Great Homes for Sale in Wayne PA and the Main Line at the right cost for you.
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