Are you sick of renting or living in your parents’ basement? Maybe you just got married and you are looking for your first home. Whatever your reason for moving into your own home, beginning the process may be scary.
You may have thoughts about what your home will look like, but don’t get too carried away daydreaming every last detail yet. This could be the largest purchase you will ever make, so instead of getting lost in the tiny details prematurely, do your research and find a mortgage advisor you can trust. Check out these five tips to prepare yourself for buying your first home:
- Attend a Seminar: Making bad decisions when you are buying your first home can come back to haunt you. Take a little time to learn from the pros before jumping into the process. Free first-time home buyer seminars are offered by many different organizations. You will get tips on what to look for in a home, financing a purchase and how to maintain your home once you have bought it.
- Calculate What You Can Afford: Setting your heart on a beautiful home can be a big disappointment if you don’t know exactly what you can afford. It’s time to seriously sit down and take a look at your monthly budget. Figure out what you have left after you pay all of your bills (and yourself). Don’t forget all of those new home-related expenses such as insurance, increased utility bills, taxes and any unplanned repairs.
- Prioritize Your Needs and Wants: When you are working with a tight budget, you are going to have to make some compromises. Knowing what is needed can help you narrow down your options when looking for a home. Create a checklist of your needs and wants. Once you prioritize, take your list with you when you look for homes and takes notes!
- Understand the Offer Process: Once you have found the house you want, it is time to start the process of making it yours. That begins with making an offer. When making an offer, you should take several things into account. Knowing how long the house has been on the market and the asking price’s position related to other comparable properties in the area can make a huge difference. Negotiations are inevitable, so be sure to leave a little room to be flexible.
- Get a Home Inspection: A home inspection should make you aware of what could be hiding behind the walls or underneath the floors before you finalize the purchase of your home. If the home inspector doesn’t find any major problems with the home, you’ll be more confident in your investment. When selecting your home inspector, you may want to check with associations that require members abide by a certain set of standards and ethics.
Hopefully we have given you a little insight on what you should do before you buy your first home. If you are ready to begin the home buying process, contact a member of the Housing Buzz team today!