If you are renting a home or apartment, you are likely itching to buy your own home. There’s so much to love about home-ownership – not to mention you are building equity in something you own rather than throwing rent money “out the window.”
But switching gears from renting a place to buying a home can be tricky. Here’s what to know, from the experts at RoseLake Estates and Carefree Homes, who have been helping new homebuyers qualify for affordable homes in Pendleton for over 30 years.
First, find out what you can afford, and how to qualify:
- Do some mortgage research. Talk to your bank or your employer credit union to find out what mortgage payment you can afford.
- Are you a veteran? Go to: veteransunited.com/calculator to see what you qualify for.
- Zillow offers another easy to use online mortgage calculator: zillow.com/mortgage-calculator/house
Next, take a hard look at your credit score — well ahead of time:
Don’t wait until you are looking at homes to work on your credit. Do this as early as possible. It can take several months to pay off bills and get your credit score as high as possible.
- The higher your credit score, the better, obviously. But if you need to pay off a few bills or clear up anything in your past, it’s good to start early to get your scores as high as possible.
- Equifax, Experian and FICO all provide free yearly credit score checks.
- Or go to freescoreonline.com or www.creditkarma.com/credit-scores to check all three sources.
Now, check your present lease to make sure there are no surprises.
When does your yearly or monthly lease come due? That’s the best time to make the move to your own home without dinging your credit. If you are already paying month-to-month, make sure you pay your rent on time, and give your apartment complex or home rental agent the full two weeks’ notice (or whatever is specified in your agreement). You want to make the transition as smooth as possible so you don’t lose your deposit – or negatively affect your credit.
Great! You are ready to shop for homes in your price range, knowing your credit score and the ideal time to move out of your existing place and purchase a new home.
Allow some time to look around. Now is a good time to buy a home, because mortgage rates are nice and low. Right now is a little more difficult to find and purchase an affordable home because homes in the mid-to-lower price ranges are in short supply.
Of course, we’d love to have you as a homeowner here at RoseLake Estates. And – we’re ready to sweeten the pot with some nice extras during our Fall Harvest Sale.
Here’s what you’ll get as a Carefree Homes owner at RoseLake Estates:
- A clean, high quality, updated home with newer kitchens, flooring and baths.
- Carports and/or decks and porches on most models.
- Manufactured home mortgages are just 8 to 15 years, rather than 20-30 for traditionally built homes. That means you’ll pay off your home in no time.
- Most homeowners can deduct all the interest they pay on their loan on their state income tax return.
- We pay your property real estate taxes. As a homeowner, you only pay personal property taxes.
- Plus – the interest on site rent is generally deductible on your state taxes — up to $3,000 per year.
- Got kids? Pendleton area schools are high-quality and get an A-rating, nationally.
Let us prove to you that buying a high quality newer manufactured home can be a pleasant experience.
We work with you to make buying your manufactured home as affordable — and easy as possible. Call us at 317-485-6447 to set up an appointment to see our beautiful updated available homes!