Three Important Steps to Homeownership in 2021

Three Important Steps to Homeownership in 2021

While choosing to buy a home can be exciting, there are three important steps to homeownership that you will want to carefully keep in mind.

Becoming a homeowner is among the most significant lifetime accomplishments and purchases that you can make, though it may seem particularly daunting during the ongoing coronavirus pandemic. While the housing market was considered a sellers market all throughout 2020, that doesn’t need to scare you away from homeownership in 2021. While choosing to buy a home can be exciting, there are three important steps to homeownership that you will want to carefully keep in mind.

Consider Your Budget

When you meet with a real estate agent, you’re going to want to look at homes that are solely in your price range. Consider how much of a down payment that you’re going to be able to place on a home and how that will affect your mortgage cost on a monthly basis. While an older home may be within your budget, you’ll also want to take into consideration any potential fixes that an older home may need. Newer homes are pricier upfront but will likely need less maintenance and updates. Taking these factors into consideration for your budget can make all of the difference.

Place an Offer on the Right House

Place an offer on a home that is going to suit your lifestyle needs, what you’d like to have in features and finishes, and a home that you can see yourself living in the long term. Don’t simply choose a house based upon what’s trendy at the moment, but rather place an offer on a home that’s realistically going to be right for you. Make sure that your offer reflects how much you want to own the home to sellers, and trust your real estate agent to navigate you in the right direction during the settlement process.

Get Homeowners Title Insurance

Including title insurance on your investment is a smart decision and also required by lenders for any individual that’s purchasing a home. Placing a one-time payment on a homeowner’s title insurance can also protect you from potential legal troubles and provide security for your investment. You can contact Colony Title for all of your homeowners title insurance needs in Maryland and Washington, D.C.

A Title Company You Can Trust: Colony Title

At Colony Title, we will help you through the process of getting your property’s title and help you avoid the pitfalls of hidden costs while you buy your home. We are also well trained in identifying any and all errors in public records and helping you resolve them. We specialize in real estate title insurance in both Maryland and Washington, D.C., and we will perform an expert title search, check through all past documentation, and examine records for any fraud or forgery. For more information on how we can get you into the home of your dreams, contact us online or give us a call at (410) 884-1160. To get more updates on housing markets and how to get into your home, follow us on Facebook, Twitter, and LinkedIn.

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