If you’re a first home buyer, it’s always good to have your proverbial ducks in a row. Become familiar with the do’s and don’t’s of purchasing a home before you commit. You’ll save yourself a lot of headaches and go into the process armed with the knowledge you need.
First Home Buyer Basics
There is a lot to think about when you’re a first home buyer. Use this guide to help you in ensuring your investment is a good one. Make a goal and keep yourself on track so you can accomplish it. You need to plan ahead and not get caught up in the excitement of it all.
[perfectpullquote align=”full” cite=”” link=”” color=”” class=”” size=””]Always consult a realtor for contracts and legal matters. It’s much easier than trying to figure things out yourselves. They save time and make sure the process runs smoothly.[/perfectpullquote]
First Home Financial Concerns
If your finances are in not-so-good a shape, you may want to consider waiting before delving into purchasing a home. You can save for the down payment and definitively decide what you can afford. Your finances shouldn’t suffer if you’re a first home buyer. All bills should be able to be paid on time without struggling. Will your mortgage be a lot more than what your rent is? Will you have the extra money needed if so? All of these things need to be carefully thought out before diving in.
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Currently, it is cheaper to buy a home rather than renting in many major cities. Make a list of pros and cons of renting vs. buying and make an informed decision on whether it’s the right choice for you as a couple. It’s never a one-size-fits-all situation.
Be sure you take into account all of the extra expenses it is to own a home. Basic utilities, homeowner’s insurance, property taxes, maintenance costs, and mortgage insurance.
When buying a home loan, make sure the payment is well within your reach. Stick to your budget even though it’s tempting to borrow more than you can afford. This can be very difficult for a first home buyer to resist.
First Home Location
Living in the suburbs and in the middle of a big city are two very different things. Do you want a quiet neighborhood to start a family? Maybe a family is not what either of you wants.
[perfectpullquote align=”full” cite=”” link=”” color=”” class=”” size=””]Regardless, buying a home is a monumental decision and oftentimes long-term commitment, and you need to be happy.[/perfectpullquote]
Do your research carefully about the area. What are the actual values of the homes in the area? What’s the average base price for a home there? If children are in the mix, find out about the school your child will be attending. Is the location near your workplace?
First Home Area Security
It may be prudent to install a home security system regardless of the type of neighborhood. It’ll put you and your family at ease while protecting your investment and assets. There are many types of security systems, so be sure to research all of your options.
First Home Aesthetics
You have a definitive lifestyle, so take keep your choice within your means and lifestyle. A nice big house may look appealing, but can you afford it? There are plenty of smaller homes that are very aesthetically pleasing. Do you like to do little renovations? Go for it, but be careful whether you are buying a money pit.
Is Your First Home Structurally Sound?
Have your new home inspected for solid structure and basic foundation. Banks will require an inspection before they’ll give you a loan, so it’s a win-win. It’s common to find problems when digging a bit deeper. An inspection will find any problem issues that cannot be seen with the naked eye.
If you’re a first home buyer and do your research well, you’ll be ready to buy a home that’s fitting for you. Steer clear of impulsive buying and do what you both feel is right.
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