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:
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:
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.
Share18 September 2018
When I started looking for a new home, I realized that there were a few things I needed to be careful about. For instance, I really needed to focus on finding a home that would appreciate in value, so I began thinking about investing in the right property. After quite a bit of research, I was able to find a great neighborhood that had a big support system for my family. After we found a house we loved, we worked with a real estate agent to procure it, and it was really nice to feel like we belonged somewhere. Read this blog about ways to find amazing pieces of real estate the first time around.