Question: Where Do I Start If I Want To Buy A House?

When should you start the home buying process?

Here’s your step-by-step buying a house timeline:Find a real estate agent.

1–2 weeks.

Get pre-approved for a mortgage.

1–2 weeks.

Make a list of needs and start browsing.

3–5 days.

Go to house viewings.

1 week–4 months.

Make an offer and negotiate.

3–5 days.

Get your loan approved.

Wait for the appraisal.

Get a home inspection.More items….

Where is the best place to buy your first home?

The 10 best cities to buy your first homeLouisville, Kentucky. … Columbus, Ohio. … Indianapolis, Indiana. … Birmingham, Alabama. … Cincinnati, Ohio. Average down payment amount: $36,042. … Oklahoma City, Oklahoma. Average down payment amount: $30,234. … TIE: Cleveland, Ohio. Average down payment amount: $32,775. … TIE: Pittsburgh, Pennsylvania. Average down payment amount: $34,049.More items…•

How much do you need to make to buy a 200k house?

Example Required Income Levels at Various Home Loan AmountsHome PriceDown PaymentAnnual Income$150,000$30,000$40,107.97$200,000$40,000$49,310.63$250,000$50,000$58,513.28$300,000$60,000$67,715.9415 more rows

How much do I need to make to buy a $300 K House?

How much do you need to make to be able to afford a house that costs $300,000? To afford a house that costs $300,000 with a down payment of $60,000, you’d need to earn $52,116 per year before tax. The monthly mortgage payment would be $1,216. Salary needed for 300,000 dollar mortgage.

Can I buy a house making 30k a year?

Simply take your gross income and multiply it by 2.5 or 3, to get the maximum value of the home you can afford. For somebody making $100,000 a year, the maximum purchase price on a new home should be somewhere between $250,000 and $300,000.

How many houses do first time home buyers look at?

View three to five homes in a day, and if nothing jumps out, take a breather and start again another time. Once you view 10-15 homes in person, you probably have a good idea of what’s available in your price range.

How much should you have saved before you buy a home?

If you’re getting a mortgage, a smart way to buy a house is to save up at least 25% of its sale price in cash to cover a down payment, closing costs and moving fees. So if you buy a home for $250,000, you might pay more than $60,000 to cover all of the different buying expenses.

What do I need to do to buy my first house?

As you prepare, here are the steps to follow as you purchase your first home.Determine If You Are Ready to Buy a Home.Start Shopping for a Loan.Find the Best Payment Options and Loan Types.Have a Down Payment Ready.Be Honest About What You Can Afford.Find a Good Real Estate Agent.Request a Home Inspection.More items…

Can I buy a house making 40k a year?

Yes, you can! Your mortgage payment including taxes and insurance will be around $1,178.78. 81 (4.625% rate due to low fico score and low downpayment). Based on the information you provided, your Debt-to-income ratio is around 40% which makes you a qualified buyer.

Can you buy a house for 50k?

Finding homes under 50k is great, but it won’t do you any good if it doesn’t have the potential to turn a profit. One important factor that affects profitability is the neighborhood. You don’t want to buy cheap property in a bad neighborhood.

How many times should you look at a house before buying?

While there’s no one-size-fits-all answer, it’s advisable to view a property more than once before taking the plunge.

What should a first time home buyer look for?

Use their guidelines to help you make an informed assessment of a home’s condition.❏ Check the floors. … ❏ Notice cracks in the wall. … ❏ Pay attention to fresh paint. … ❏ Look for water in the basement. … ❏ Test the windows. … ❏ Assess the roof. … ❏ Note the trees outside. … ❏ Eyeball electrical and plumbing.More items…•