Your new home in Ypsilanti awaits, but what questions do you need to ask yourself before you commit to purchasing anything? We’ve come up with five questions that you should cover before you sign on the dotted line for any real estate in Ypsilanti Michigan.
What Kind of Real Estate Do You Want in Ypsilanti Michigan?
You should start the process by figuring out what sort of property you want to purchase. Some great examples include:
The one that you choose will depend upon your most basic needs, for example, some buyers including families may prefer a larger house with more space, or a home with property and/or a fence for the dog, like a single family home. Others who may prefer living alone or in a smaller space condos in Ypsilanti. Before you purchase anything, list out your needs whether it’s multiple rooms, a swimming pool, updated amenities, or anything else.
As an addendum to this question, we would mention that you need to make sure that the property you get is within proximity of the amenities that you need. Some great examples include medical care, grocery stores, employment opportunities, parks, lakes, and more. In the end it all depends on what you need, what you want, and what’s available in the area. Keep in mind that price may be based off things like proximity to downtown locations, area or neighborhood desirability, and close by amenities. On that note, Ypsilanti is a smaller city, which means that many homes in our market will be within a relatively reasonable distance of all of the aforementioned locations. We should also mention that Ypsilanti has a pretty helpful community and tons of opportunities, jobs, infrastructure, and market growth in Washtenaw Co.
Affordability – What Can you Get?
As a more general rule, you should avoid spending more than 30% of your monthly income on a mortgage. If you are having trouble determining what you can afford you can always ask us, you can call one of our preferred lenders directly, or you can use an online mortgage affordability calculator. Don’t bankrupt yourself trying to get a home – it’s not a good look.
What Financial Preparations do you Need to Make?
Along with knowing just what you can afford when you are looking at Ypsilanti real estate options, you should look at your own finances. Check your credit history, fix any issues or credit reporting errors that you come across, and go ahead and get yourself pre-approved for a home loan. Calling a lender for a mortgage pre-approval will usually only take about 15-30min. Doing that will put you in a better position than most who are looking for a home in Ypsilanti since you'll understand your borrowing (and buying) power. Keep in mind that a pre-approval letter will be based on your financials including credit history, income, and debt.
How Do you Make the Best Bid?
Getting the right home at the right price means making the right bid and you should base yours on the sale trends in the area. Before you make an opening bid, you should review the selling prices of nearby properties. If homes similar to the one you want are selling for below asking on average, that market indicator may suggest a possibility or a probability for you to obtain the property for below what the current seller is asking.
Buying a home in Ypsilanti can be difficult; there are a lot of things for you to consider and there can be several risks. In the end, however, having the right Realtor onboard can help you find the ideal property, for an acceptable price, and avoid pitfalls along the way.