Buying your first home is a big deal! It's exciting, it's terrifying, and it's totally overwhelming. It's an investment, sure, but it's also something that will mean so much to you personally. So you need to feel comfortable when you buy a home and be confident in your decision.
That's why we've put together this ultimate guide to buying your first home—so you can make sure you're making the right move for YOU.
1. Get pre-approved for a mortgage:
If you're not already pre-approved for a mortgage, the first thing you should do is get that taken care of! Your lender will need to know what kind of loan program you qualify for before they can help you look at properties, so this step is key.
2. Hire a real estate agent:
A real estate agent will help guide you through the process of buying a home and make sure all your bases are covered—from helping negotiate the price down to finding an inspector who can give you an unbiased opinion on the property's condition before you buy it.
3. Figure out how much house you can afford:
Once you've found a property that meets your needs (and fits within your budget), meet with a lender or mortgage broker so they can help determine how much house payment and principal reduction will be required each month based on how much money
4. Location:
Take into account what type of home you want and where it's located. You'll need to consider whether the area is safe, how far away it is from your work and any amenities (such as restaurants), and whether the commute will be too long or inconvenient for you.
5. Costing:
Consider all the costs associated with buying a house—including taxes, insurance, repairs, maintenance and upgrades—before finalizing your decision on which homes are right for you!
6. Size:
The size of the house will affect how much it costs, so think about how many rooms you want and how many people will be living in the house with you. This will help narrow down what price range makes sense for you. Also consider whether or not there will be room for an addition later down the line if your family grows—it's always better to get more house than less!
7. Property taxes:
Property taxes are one of the biggest expenses for homeowners (and renters), so make sure that whatever property tax rate you're looking at includes all possible fees.
8. Resale value
Buying a house with good resale value will allow you to sell it later on if you decide to move or downsize before retirement age.
Conclusion
The first home buying process can be largely overwhelming for the first-time home buyer. There's a lot to consider, from the mortgage application to closing costs. Even after the house is purchased, there's plenty of work required to prepare it for living in. We hope this guide will help you make a more informed decision as well as make the overall process a lot easier!
