Even with the "bubble burst" of the mid-2000s, real estate continues to be a relatively good investment in the long term. Prices are on the rise. The Tucson real estate market appears to be strong right now. Whether you'd like to upgrade, downsize or desire to own your very first home, it's a good time to do so right now. First, follow these money tips so that you're ready to pounce when you find your perfect Tuscon home.
Helpful Money Tips for the Tucson Home Buyer
Remember the Boy Scout motto: "Be prepared"? That's a good motto for anyone in their everyday life. That's why the first one of my money tips is to be prepared. Get your financing in order. That means paying down your debts as much as possible. This increases your credit score. With a good credit score, you qualify for better interest rates. Keep spending to a minimum. Save up as much money for your down payment and closing costs as you can. Then, contact a lender and start up the loan approval process.
Bigger Isn't Always Better
Another one of my helpful money tips is to carefully consider the size of your Tucson home before you buy. Keep in mind that more square footage usually translates to more expense. After all, you're going to need to heat/cool the place, pay for the electricity to each area of the home, and take care of the lawn (which could increase your water usage). Also, a larger Tucson home incurs higher property taxes and more homeowners' insurance.
Speaking of taking care of the lawn, don't forget maintenance costs when buying a Tucson home. One of the best money tips I could give you to keep maintenance costs down is to regularly inspect your major appliances, electrical, plumbing, and HVAC systems, and the roof. By doing so, you're more likely to find and fix a problem before it becomes a major (and more expensive) issue.
Build Up Your Equity
Finally, the last of my money tips I'll leave you with today is to try to build up your equity as quickly as possible. How do you do that? Pay down your mortgage. Instead of a 30-year mortgage, consider a 15-year loan. Yes, the monthly payment ends up being a few hundred dollars more, but you pay the entire loan off in half the time and you save tens of thousands of dollars in interest. Also, borrow less by putting a sizeable amount down.
Follow these helpful money tips to alleviate your stress. When you're ready to purchase a Tucson home, please contact me. I'd be happy to show you what's available right now.