8 Questions To Ask Before Buying Your Dream House in the Dubuque Area

What To Consider Before Looking To Buy Your Dream House

by Theresa Neuhaus – Broker Associate, American Realty

Whether you’re going to be a first-time home buyer or your looking to move from your current home, deciding if now is the time to start searching for your dream home can be a tough decision. There are a number of factors involved before you start going to open houses or making an offer on a property.

Here are some questions you should ask yourself before committing yourself to buying a new home.

Finding Your Dream House in the Dubuque Areafactors involved before you start going to open houses or making an offer on a property.

Here are some questions you should ask yourself before committing yourself to buying a new home.

  1. Why Am I Buying A House

This is the first question you should ask yourself. Is it that you’re tired of paying rent each month with little to show. Or has your current home become too small or in some cases too big for you to live in. Whatever the case, remember that there will be a lot of work involved. Not just searching for the home, but later moving in. Are you motivated enough to go through with it, or is just something you started thinking about without having a real plan in mind.

  1. What Can I Afford

The problem with wanting to get the home of your dream is that you can’t always afford it. Figure out what your budget allows and use this to determine your price range. One of the first steps you should do is to meet with mortgage lenders so that they can sit down with you to go over your financials. They’ll help you determine what you can afford. And don’t just talk to one lender. Meet or call a few to determine what you’re closing costs will be. Getting pre-approved for your home will make home buying that much easier.

  1. What is My Credit Score Like

One of the things your lender will discuss with you is your credit score and that of your spouse if you have one. They may take the lower of the two scores so even if one is good, it might still be a factor. Even with a lower credit score you might be able to get a loan, but you might have additional fees and a higher interest rate. Your lender can advise you on whether you should wait to borrow and what to do to improve your scores.

  1. Where are Home Values Going

Housing prices in the area have been going up over the last couple of years, part of an overall trend in home buying. This means the prices for homes this year, might be higher next year. This could be motivation for you to buy sooner, rather than later. There is always a chance they’ll decline, but the economy in the Dubuque area has been pretty strong, thanks to tourism and to businesses moving into the area.

  1. Where are Home Mortgages Going?

Home mortgages are at a great point right now, making it an ideal time to get lower interest rates on homes. There is no guarantee they’ll remain that way, however. The Federal Reserve could always increase them, making now one of the best times to buy. This is again something a mortgage lender can help you decide on, even if they can’t predict what rates will be like in a few months or even a year.

  1. Where In Dubuque or Eastern Iowa Do I want to live

One of the motivations for moving might be to move to a different part of the city or the area. You might have decided you want to live in a smaller community like Peosta or Dyersville. Or maybe your job is closer to Cascade or Bellevue. Do you want to live in Dubuque or nearby Asbury? If you have no preference, you might have more opportunities, but chances are that whatever area you want to live in, you’ll be able to find something you like. Just in some cases, it might take longer or when a property opens up you might have to act fast. This is one of the first things to discuss with a Realtor if you’re working with one.

  1. What Kind of Home Do I Want

What style of home you want could also be a factor in your home buying. Do you prefer a ranch style home with fewer steps. Do you want a newer home or something older, with a little character. Your budget may influence what you can look at, as well as the size of your family. This is something you’ll want to discuss with your Realtor so that they know which types of properties to alert you to.

  1. What Can I Get For MY Old Home

Obviously, this isn’t something a first-time home buyer needs to concern themselves with. For most, however, it will come down to how much they can get for their current home and also is your buying contingent on your home being sold first. That home of your dreams won’t wait around while you try to get your sold. This is another thing to go over with your Realtor. It might be better to start searching after you’ve received an offer on your home. Or maybe you can set up a bridge loan so that you don’t miss out on your dream property.

If you’re wondering whether now is the time to buy a home in the Dubuque area, then contact one of the Realtors at American Realty. They’ll be glad to go over your options and listen to what you’re looking for in a home. We have offices in Dubuque, Dyersville and Cascade with agent’s ready to serve you.

To learn more about Theresa visit her bio.

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