Blog

5 Tips for First Time Home Buyers

What's more exciting than buying your first home? Nothing, which is why you want the most updated information and the most smooth transaction.

In order to do that, here are five pieces of information you need to know before beginning your search.

1. How much can you borrow?

There are many factors that influence your bank on allowing you to borrow or not

and if so, how much. These factors include your income, amount of debt, credit

score and, of course, the amount of down payment you are going to pay.

This is such an important part of the process because many people think that they

are going to qualify for more than they actually are qualified for. Or vice versa. Either

way you want to have the accurate information in order to go forward with the next

step.

2. Do a lot of research.

You need to have information on the market in the area, what other homes are

selling for and what other buyers are looking at when they purchase their home. It is

not only about a pretty facade in a beautiful neighborhood.

Looking at schools, how far away it is from your job, restaurants, shopping centers

are all important since these are what will make up most of your life.

3. Pay attention to family.

Yes, it was different when they bought their first home compared to what it is now.

But do not underestimate the amount of knowledge they have about the entire

process. The first go-to people should be parents, aunts and uncles. But it does not

hurt to ask a few older friends who are already settled in.

You need as much information as possible when deciding on a house.

4. Remember other costs.

There will always be other fees and costs. It is not only about a down payment. You

need to consider whether you are able to afford taxes, HOA fees, agent fees as well

as closing costs. They all add up. So make sure, you calculate before you buy.

5. Do not settle for the first house you see.

Rarely a person will purchase the first house they see. First and foremost, it is

important to make a checklist of what you like and don't like. Go off of that checklist

to make sure a property fulfills what you are looking for in your dream house.

Looking at a staged house will definitely make you want to move in as soon as

possible but remember all of that furniture will be out of there when you move in

and you'll have to live with what is on the foundation and layout.

Original Post: http://www.inman.com/2016/07/05/5-first-time-homebuyer-tips-to-know-before-house-hunting/

Featured Posts
Archive
Follow Me
  • Grey Facebook Icon
  • Grey Twitter Icon
  • Grey Instagram Icon
  • Grey Pinterest Icon