Both a move-in ready and a fixer-upper have advantages and disadvantages. A fixer-upper will cost much less, but will need time, resources, skills and the desire to put work into the property to make it worth the lower price. It’s important to consider realistically each of these factors before deciding. Perhaps you love to work with your hands, but have a job with long hours – will you really have the time needed to do many large home improvement projects? On the other hand, if you’re itching to start tearing down walls and refinishing floors, a fixer-upper might be exactly what you’re looking for. We have a great article on our blog that can help you choose which is right for you.

There are many factors that go into determining the price of a house. The condition of the house, renovations or improvements that have been made, as well as the neighborhood all are factors. But the only person who can determine whether a house is worth the price is you. Your real estate agent is a great source of information. They can help you see problem areas (or benefits) with a house you may miss, tell you key details about the community and the value of homes in the area. You can also do some of your own research, talking to anyone you may know who lives in the area, searching online for local attractions, etc. Once you’ve gathered the best information you can about the house and the community, you’ll have a better idea of whether a home is worth the price to you.

Of course, the larger the down payment, the less your loan amount will be, but don’t be scared away from home buying if you can’t make the off-cited 20% down payment. The national average is 11% down, but if you’re a first time buyer, you may qualify for loans with down payments as low as 3.5%. If you’re wondering what you should put down, or what you can afford to pay for a house in general, it’s a good idea to start your home buying process by getting pre-approved by a lender. If you think a lower down payment may be right for you, this article examines various low down payment mortgage options.

You can find the previous year’s property tax in the house’s listing information. This information is also usually available on the official websites of tax agencies (such as city or county auditor). Tax rates change regularly though, so keep in mind these are just estimates.

There are multiple loan programs available, and depending on your situation some will be better than others for you. An ARM, or adjustable-rate mortgage, will start with an initial low fixed interest rate that will then adjust to changing interest rates. A fixed rate mortgage will have payments that remain the same throughout the loan period. Choosing between loan programs will require looking at your current finances and estimating future income to evaluate which will be best for you.

A home inspection is a review of the physical and mechanical structure of a house. It will cover foundation, walls, insulation, roof, as well as the heating, cooling, plumbing and electrical systems. It is a good idea to include an inspection clause in your offer. This gives you the opportunity to withdraw or renegotiate the offer should something serious show up during inspection. This article from our blog goes into more detail with what you can expect from a home inspection.