Home Buyer’s Guide

The first question many people ask is “Am I ready to buy?” and the answer to that question will vary from person to person. When you buy a house in Fargo, you are making an important investment for you and your family’s future and it isn’t something that should be taken lightly.

Here are a few questions to ask yourself:

• How are your finances and how much debt do you currently have?
• Do you have money saved for a down payment?
• Can you afford a monthly mortgage payment?
• Are you ready to settle down?
• Are you prepared to maintain a home?

Trying to determine how to prepare to buy a home can sometimes be overwhelming. There are a lot of different sources of information on the topic and sometimes you can get lost in all of the noise.

Here are a few actions you can take to prepare:

• Check your credit.
• Pay off debt.
• Start saving for a down payment.
• Look into any down payment assistance programs available.
• Get an idea of how much you want to spend.

Knowing you financial situation’s specifics and a full breakdown of your monthly income and expenses are a great place to start. Once you have those items figured out, you will have a solid understanding of what your budget will be.

To calculate your monthly budget you must know:

• Your monthly household income.
• Your monthly household debt payments. (credit cards, auto loans, student loans, other fixed monthly payments.)
• Any other monthly bills.
• Your average monthly cost for food and other living expenses.
• Your desired amount for monthly savings or investments.

Once you have a handle on your monthly budget, you should also consider these things that you will need money to cover:

• Down payment.
• Home inspection and/or appraisal.
• Money for maintenance and repairs.
• Property Taxes and HOA fees.
• Homeowners insurance.
• Moving costs.
• Closing fees. (if any)

Now we can get to the fun part, looking for your new home! Our Hatch team is full of experts at Fargo home buying and can guide you in finding the best home that meets your requirements without breaking the bank.

Here are a few things to consider:

• Determine what your wants are.
• Determine what your needs are.
• Find neighborhoods that you like.
• Keep your price range in mind.
• Keep your expectations realistic.

Now that we have found you that “dream home”, it is time to make your offer and seal the deal. There are many quickly moving parts and steps during this final phase of the process, but we will be here with you every step of the way!

Remember these few tips:

• Never make an offer that too low, to risk the seller denying your offer.
• Never make an offer that is too high, to risk overpaying.
• Patience is important.
• Be timely with your communication and responsiveness.
• You’re not in this alone. Leave the heavy lifting to our experienced real estate agents at Hatch in Fargo, North Dakota.