Smart Dos And Don'ts Every First Time Home Buyer Needs To Know.

Real Estate Blog

Preparing for the first purchase of a home is one of the most exciting points in life. In fact, for most people in the United States, a home is the most expensive purchase they will make during their entire lifetime. If you are ready to become a homeowner for the very first time, here are some smart dos and don'ts to help you enjoy a smoother home buying process.  

Don't purchase until you can truly afford to own a home

Rushing into the purchase of a home without making good financial preparations is a recipe for disaster. At minimum, prospective first-time home buyers should make sure they have: 

  • secure employment with room for advancement
  • savings to cover the down payment and closing costs
  • an emergency fund sufficient for unexpected repairs or emergencies 

Additionally, it is wise to take time to pay down consumer debt and other liabilities before taking on the responsibility of a home mortgage payment. 

Do compare home mortgages carefully

There are a number of home mortgage options available for first-time home buyers, some of which require little or nothing down. Before making a decision to pursue a particular home loan type, prospective first-time home buyers should always discuss the matter carefully with a lender or mortgage broker to see which one best fits their financial and housing goals and needs. 

Don't buy too much house

Purchasing the best possible house is not the same as purchasing a house at the very top of your price range. In fact, there are many benefits to purchasing a more modest home, including the fact that the mortgage payment will be much more affordable and you will be able to pay the home off much faster than you could if the home were priced much higher. 

Do buy a home that really fits your family's life 

A beautiful home with a poor location or an uncomfortable design is never a bargain, even if the price is right. Before beginning to shop for a home, be sure to consider important factors that will help you feel more comfortable in the home you eventually purchase, including: 

  • the distance of your commute to work
  • the educational needs of your current or future children
  • the real estate valuation trends for the area

Being truly comfortable in the home you eventually buy will depend on the convenience, enjoyment, and support it will provide for you and your family members. 

Don't try winging a home purchase

Beginner's luck is not a sound game plan for a first time home purchase. Instead, make sure that you work with a reputable real estate professional who offers first-time home buyer services to their clients. 


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