Idaho is one of the more underrated states in the country for some reason. And it is a great state to live in. This is why we encourage people on buying a house in Idaho if they can as Idaho has a lot to offer. No matter where you are from in the country, buying a house in Idaho is possible. And we are here to tell you everything you need to know about the whole process. Home-buying isn’t easy if you have never done it. There are plenty of things to pay attention to.
Your financial requirements
Buying a house is a big investment to make, no matter where you are buying it. This is not the amount of money everyone has. This is why you need to know your financial requirements. Especially if planning on taking out a mortgage. Here are the financial factors that you need to pay attention to if planning on taking out a mortgage when buying a house in Idaho:
- Credit score – you need to have a score of at least 620 for most loans. Work on your credit score if planning on buying a house in Idaho.
- Debt-to-income ratio – you should spend less than 36% of your income on debt and that is including your future mortgage payment which will be each month.
- Down payment – you should have a down payment of at least 20% in order to get a loan.
- Closing costs – prepare to pay 2-5% of the home’s price in closing costs at the spot.
- Homeownership costs – save 1% of the house’s value each year for repairs that you make (changing windows or doors can be pricey).
Housing cost in Idaho
A lot of people who are thinking about buying a house in Idaho aren’t really sure what is the average housing cost of a home in Idaho. And have in mind that the prices have recently gone up. The median list price of homes in Idaho currently sits very close to $400,000. This is a lot of money for a median list price which would mean that the housing in Idaho is on the more expensive side. This, once again, depends on where in Idaho you are thinking of buying a house. But there are ways for you to save money when buying a house.
And after finding a home, you might be moving there. Most people do. Some even rent it out when they are not planning on using it as a vacation home. And if moving to Idaho, rely on professionals to handle the job. This isn’t something you can do yourself. You can, but it will be very stressful.
Types of homes in Idaho
Idaho real estate is expensive but there is a good reason why. Homes in Idaho are big and they usually have a lot of land around them that is included in the price. This is something to have in mind. And if you want to save money, invest in a small home and have a storage unit for your belongings. You can easily find the best option for your needs when it comes to storage units.
Living in Idaho is amazing
Moving to Idaho is a great thing as Idaho is an amazing place to live in according to everyone who lives there.