Buying a house is a major decision in life and it always requires a lot of planning, thinking, and preparation. But in 2020, the odds are different with prices hitting lows but inventory dropping as well. Is your mortgage plan the best for you?
The need for good mortgages is even more prevalent now, with areas like Salt Lake City seeing a higher homeownership rate these days, going beyond the national average.Each person has different needs and financial situations while every location also differs in terms of mortgage plans and rates.
The complexity of a mortgage plan can be intimidating if you don’t have a good guide, so make sure you have an expert assisting you. This professional should be transparent and able to provide you with a plan that suits your lifestyle and needs. Rates are expected to maintain their numbers from 2019 at a good low 3.9%, so the best point of interest to check on is how you’ll pay off your loan and the way it’ll be doled out in accordance with your homeownership plans.
Can you handle the competition?
Forecasts are saying that with good mortgage plans and a lower inventory of homes on the market for sale, 2020 will be a time of heavy competition among buyers. As many millenials are taking up the market and the demand for homes rises, prices and locations will start getting even more competitive.
If you are looking to get a house by 2020, make sure you have a prospective option already and you have a plan for getting it. As there are less homes to choose from, entry-level pricing is starting to go up because many people are still looking to buy, considering the options available. Make sure you are ready to beat other deals and potential buyers.
Part of this is finding a good location that suits your needs, as well as gives you ample space. As 2020 approaches, the suburbs are likely to be the go-to spot, so start looking for potential realtors and lenders.
Is it going to be future-proof?
You may be tempted to settle for a great house on the market simply because of the demand out there. After all, if there’s a space in a good location that hasn’t been scooped up by another buyer, why not? But before you indulge in a hasty decision, make sure the house you are eyeing is ready for the future.
This covers not only the changes that will eventually develop in your life but also the changes around you. Whether a space is older and pre-owned or a newly-built residential propertyt, make sure you do your research.
Can it handle environmental changes that you may need to adapt to? Can it handle an extreme climate or a possible natural disaster? Can you eventually upgrade the property to meet new technological requirements when the time comes?
These are the things you need to consider, especially if you’re planning to stay in your home for a long time. So, are you ready to buy that house in 2020? With these tips, you just may be.