Think You’re Ready To Buy A House?

It’s 2017 and we’ll be honest…the housing market is absolutely the hottest it’s been in years.  HOT!  Many home sellers are selling their homes for asking price or higher, and often times selling it in a day.  Home buyers are taking advantage of low interest rates in an economy that appears to be on the upswing, and you may find yourself wondering…should I buy that dream home right now?  Maybe, and maybe not…buying a home is one of (if not THE!) biggest purchase you will ever make.  Before deciding to take the financial plunge, here are the factors you should consider.

What Is Your Budget?

How much can you realistically afford on housing each month?  Can you buy your dream house without having to revert back to your college diet of ramen noodles and cereal to pay for it?  Find a debt-to-income ratio calculator on-line (something like this one right here to get a ballpark estimate of what you can honestly afford.

What Payments Will Need To Be Made During The Home-buying Process?

Application fees.  Closing costs.  20% downpayment on the purchasing price.  There is so much more to buying a house than just buying the house!  Each mortgage provider’s application fees are different, so do your research to find out which one is the right fit for your purse-strings.

Is Your Dream Home Move-In Ready?

You’ve found the house you’ve always dreamed of…an in-ground pool, with a remodeled kitchen complete with a stainless steel double-oven.  Take a closer look around, and you might see that it has a 25-year old heat pump, is in need of a new roof that will need to be replaced within the next five years AND hasn’t been painted since The Beatles hit number one with “Hey Jude”.   Will you need to purchase a $4,000 tractor to replace your current push mower for that large yard you’ve been wanting? Be realistic in assessing the state of the home and how much you will need to spend to make it everything you want it to be.

Is There a Homeowners Association or HOA?

Depending on the neighborhood that you are moving in to, there may be a Homeowners Association or HOA.  Oftentimes, there are fees that you are required to pay to the HOA for various types of maintenance which may include  snow removal, common ground landscaping and more.  Ask what the annual maintenance cost to you is, how often the association revises their their annual rate and what exactly your maintenance fee covers.  It also doesn’t hurt to ask for a copy of the HOA by-laws…some HOAs have strict rules regarding outside appearance of your home–you may not be allowed to paint the shutters that amazing shade of purple you’ve been envisioning after all.

How Much Should You Budget For Monthly Utility Fees?

Does the home you’re looking to purchase have electric or gas heat?  Does it have a private well or is it supplied with public water?  Ask your agent to request a general figure of what the current homeowners pay in utility costs each month.

Loan Types

Fixed rate. Adjustable rate or ARM.  FHA.  What do these all mean and which type of loan is best for you? Do some research ( and talk to your lender!  Most importantly, get pre-approved!

How Much Will Your Dreamhome’s Annual Insurance Premium & Real Estate Tax Be?

You will need to factor both of these into your budgeting…a mortgage encompasses more than just the money you borrow from the bank!


We know it’s a lot to contemplate! Jean Gross has over thirty years of  Chester County, PA real estate expertise and helps her buyers assess how much her clients can truly afford.  Thinking of buying a home? Contact The Jean Gross Team at 610-363-4321 or at!

Chester County’s Realtor of Choice for over 30 years!


1 Comment

  1. Johnc271 says:

    Definitely, what a fantastic website and informative posts, I definitely will bookmark your blog. All the Best!


The data relating to real estate for sale on this web site comes in part from the BrightMLS. Real estate listings held by brokerage firms other than Keller Williams - Exton are marked with the IDX logo and detailed information about them includes the name of the listing brokers.


All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Keller Williams - Exton shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless.