Is buying or selling your home proving to be a stressful experience?

Hoye Home Team aims to change the stigma around moving homes by offering stellar real estate service, freely sharing our knowledge and expertise on our blog, and making the process much smoother.

Let us help you make this important life decision straightforward and painless. Read on for the 5 most important factors to consider when browsing houses for sale in Connecticut and other states.

1. Debt-to-Income Ratio

The debt-to-income (DTI) ratio is the sum of your collective debts and bills put against the sum of your annual income. The Federal Housing Association (FHA) sets a DTI standard of 43%, or 43:100, to approve you taking out a mortgage loan.

Monthly Gross Income x 0.43

You should be spending no more on various personal and home-related debts than the number you get from this sum.

Planning on paying all cash? If you’re browsing Hartford West End luxury properties for sale, paying all cash can make your life much easier. It expedites the process and may save you money. Just be sure to seek out the best luxury agent in West Hartford, CT.

2. Affording the Down Payment

If you want to avoid paying private mortgage insurance, you’ll want to be able to comfortably afford a 20% down payment on your house. PMI is lumped onto your monthly mortgage payments and can vary from $30 – $70.

However, if you can’t or don’t want to put down 20%, there are options. An FHA loan means you can buy a home with a downpayment of as little as 3.5%.

3. Economic Factors

Understanding the local economics when moving home is so important.

In some areas, the cost of living is unaffordable. Do some research into the average cost of food, socialization, public transport, and gas, and compare it against the average in your current area.

Keep an eye on economic growth, too – is your house likely to appreciate in value? Could this be a great investment you can cash in on 5 years down the line?

4. Security and Safety

When we say security and safety, we mean job security, crime rate, and house positioning.

If you’re changing jobs, do you know if you can work remotely? If not, is that company established in the area (and is your position guaranteed)?

Consider the crime rate in the area. Do you feel comfortable moving your family to an area with a high crime rate?

You may want to think about where the houses are positioned also. If you have pets or children, you might want to avoid homes that are too close to really busy roads. Alternatively, you might desire being close to parks or convenience stores.

5. Desired Features

Visualize your dream home.

What does it look like? Where is it? Does it have contemporary architecture or a rustic feel?

Knowing what sort of home you want to move into is just as important as considering monetary factors. Consider things like:

• the number of rooms you need (and may need in the future)
• the number of bathrooms you’d like
• whether you’d like a guest room
• what local amenities are important to have nearby

Browsing Houses for Sale in Connecticut? Let Us Help

Are you in the market to buy a house? We’re a warm, friendly, family-owned business, recognized by the local district for our knowledge and community spirit.

No more “best realtors near me” Google searches! Contact us to help you narrow down the houses for sale in Connecticut that catch your eye and hold your heart.