What Determines Your Buying Power in Tucson?

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As a buyer in the Tucson housing market, there are a few things to keep in mind when considering your buying power. Check out these four important factors below!

• Your credit score is the most basic way for a lender to know where you stand financially. This also accounts for your ability to pay back each loan every month.


• Your initial down payment is important. The more money you’re able to offer upfront, the more purchasing power you have.


• Next, there’s always the debt-to-income ratio to keep in mind. Although you might have a steady income, any remaining debt can decrease your purchasing power.


• Lenders want to be reassured a buyer has the assets to pay back loans. This can include money coming in the future, such as rent from tenants, or any investments.

If you’re thinking about buying or selling in the surrounding area, give me a call or email! I’d be happy to answer any questions you have.

Prepare Your Tucson Home for Sale

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Before listing your home, do a walkthrough of your own house as if you were a buyer. Look for leaks around toilets and sinks. See if you can spot any problems that need to be addressed sooner than later. Buyers will most likely see these problems if you can.

You can always contact a home inspector, too. They can perform a pre-inspection for your property. This can cost around $300 to $400, but it is worth the investment. After the inspection, they will give you a report with repairs and problems to fix. If you contact us, you can ask our recommendation for a local inspector. Our office maintains relationships with contractors in the area.

Many people also ask if it’s wise to remodel their home (specifically the kitchen or the bathroom) before listing it. Generally, I advise against this, because you don’t always see that return on the investment. For instance, if you replace appliances and it ends up costing you $50,000, don’t expect your listing price to increase by that amount.

If you have any questions at all about pre-inspections, please don't hesitate to ask!  

The Importance of Home Inspections in Tucson

Want to sell your home? Get a FREE home value report.  

Want to buy a home? Search all homes for sale.

When buying a home, should I get a home inspection? In Tucson, when you go under contract, you have ten days for due diligence. Due diligence allows you to inspect the property. Recently, many clients have asked if a home inspection is worth the fee. We always say yes!

Generally, home purchases are the most costly transactions you’ll make in your lifetime. You want to get what you bought. Make sure you know what you are getting into. Home inspections usually cost between $300 and $400. They’re definitely worth the price, too.
 

Any skilled inspector knows what to look for, from plumbing to electrical repairs to the roof. They will give you a report on what needs to be fixed, updated, or addressed soon. They will tell you what to look for. The extra expense of hiring a home inspector is well worth it.

If you have any questions about inspections or real estate in the Tucson area, give me a call or send me an email today. Please reach out!