First Time Home Buyers

First Time Home Buyers

Buying your first home can be stressful! WIth the help of a Realtor, it doesn't have to be. Some of the following tips will help you in your home search and set you up for success!

1. Get Pre-Approved!

Before you start looking you need to know what you can afford. If you are going to be taking out a mortgage, you should meet with a lender to find out how much you will be able to finance. This is how you become pre-approved for buying a home. Once you get that number, you will know your limits when looking and won't set yourself up for disapointment! In addition, there are many programs available out there that apply to first time home buyers. Call your lenders!

2. Know What You Want and Need

When you begin looking at homes, you will have items that the house will need to have and items that you will want to have. For example, you may need a house with three bedrooms, two bathrooms, and a garage. You may want a fireplace, walk-in closets, and a pool; but, if its not something essential for you to live there. Keep in mind, you may not find a house with everything you want, but maybe you could find one that fits your budget that is close, you can always make changes to the property to fit your lifestyle after you own it. 

3. Factor in All Your Costs
When buying a house, most people are aware that they will have a mortgage payment and interest, if financing, as well as utilities. If you have never owned a home, you may forget that you will have to pay property taxes, insurance, closing costs, and have to budget it in any changes or upgrades you plan on making to the property. When meeting with your lender, ask them about what types of costs you can expect with obtaining the mortgage and closing on the home. You can research and get costs on taxes, utilities, and insurance and often your Realtor will have them. 

4. Plan For The Future!

While this may be your first home, it may not be your last! If you think your family may grow, you may relocate, or your financial situation may improve, you might need to sell your home! If this is the case, make sure the home you purchase will be attractive to future buyers when you sell. Things to consider are the neighborhood, school district, and many other things. Also, if you make upgrades to the home in that time, keep in mind that you will want it to be something that will be attractive to everyone, not just yourself.