Spring is approaching and you are now feeling like it is the perfect time to take the biggest step in your life: buying your first home. The entire home-buying process can be overwhelming and stressful, but there are some things that you can do to prepare yourself and make the search for and purchase of your first home as painless as possible. In this article we will discuss First Time Buyer Recommendations
Find out what you can afford and get pre-approved for a mortgage.
This step is paramount to ensure that you won’t be disappointed later in the game. Take into account your monthly income, any debt you may have, and check your credit report and FICO score. Talk to several lenders and mortgage brokers so that you can shop around for the best interest rates and programs out there that will suit you best. Be realistic during this process. You don’t want to end up falling in love with a house later in the process that you won’t be able to afford.
Decide on what you want and need in your first home.
Based on what you determined during the financial planning stage, decide on what you both want in a home and what you can afford. Think about the best location for your first home, taking into account your commute and what kind of community you wish to live in. Determine how many bedrooms or bathrooms you would prefer to have. Do you want a house with a basement? Would you rather purchase a townhouse or a condo? Ask yourself these important questions and more to decide on what you require in your first home.
Research the communities and neighborhoods you want to live in.
Once you’ve determined the areas best suited for you, research and look into what each area offers. Determine which area you would prefer based on the amenities offered, the local shops or restaurants or grocery stores, or the traffic around the area. Look into the schools in the area, especially if you have children, to decide on what schools you would like your children to attend. All of these factors will affect your living experience in your new home, so be realistic about what kind of area you want to live in.
Hire a buyer’s agent and visit homes.
It is important to hire a buyer’s agent that you trust is familiar with the area you are searching in. Have your agent give you comps for the area you’re looking in and visit the homes, prepared with questions and even a notebook to keep track of every home you visit and what you liked or disliked about each property. Ask the seller for a property disclosure to help you during the negotiation process. Overall, the home buying process can be overwhelming for anyone, especially if it is your first time. But it is important to keep a level head and be realistic about what you can afford and what you want in your first home. We hope you enjoyed this article on First Time Buyer Recommendations.