The 3 M’s To Buying A Home

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FAYETTEVILLE (KFSM) -- The housing market in Northwest Arkansas and in Fort Smith is strong, according to real estate agents.

There are three "M's" to consider when buying a home, said Tina Sewell, branch manager of Little Rock Mortgage: money, mobility and maintenance. Money is in reference to a down payment. A typical down payment is 3.5 percent, however veterans and first time home buyers should make sure they set aside some money for savings.

When it comes to maintenance, Sewell said, "The most common thing that people forget about, because they don't think about it, is when it's 100 degrees outside, and they walk in and their air conditioner is broken. So again, that's a reason to make sure you've got some savings so that it's taken care of your maintenance and you can maintain the investment you've made on that property."

When buying a home, she stresses it's also important to think long term, when it comes to mobility. Plan ahead for any foreseeable career changes.