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Buying your first home is an overwhelming process with a lot to consider – and a lot at stake. Thinking about taking the leap? Here’s a few helpful hints to get you started:
Get Your Finances in Order
The biggest challenge in purchasing your first home is affording it in the first place. There are a myriad of factors at play, from increased housing costs to the large amount of student loan debt that most Millennials now carry. Each prospective homeowner has their own unique circumstances to consider, such as their personal credit history, job prospects, and whether or not they will have any financial assistance from family. There’s a lot to consider, so it’s important to weigh your options carefully and take your time – don’t rush into anything without having all the facts. If you’re in the Sunshine State, mortgage brokers such as The Associates Home Loan of Florida can provide information on a variety of different home loan options, including for unique circumstances such as being self-employed. Do exhaustive research and talk to as many different people as you can so that you can best weigh what path to home ownership is most right for you.
Look Carefully For Hidden Costs
Figuring out how you’ll finance your first home is just the first step. Now your challenge will be to find the right thing that fits your budget. Whether you buy a brand new home or a fixer-upper will almost always be determined by your budget, but if you’re purchasing the latter, it’s really important to consider how much work the home will need. A good rule of thumb is that home renovations will always take longer and cost more than expected, so it’s vital that you factor this into your budget. You also have to consider the time involved with renovations and how feasible that will be when considering the other demands on your time. Even if you buy a pristine house that was built last month, homeownership always involves a lot of maintenance and repairs, which just goes up exponentially with the age and condition of the home. Being a homeowner is a lot of work no matter what!
Research The Area
Once you’ve done the financial legwork to start on the path to home ownership, it’s time to start looking at actual houses that could become your home. While we’ve talked at length about researching the property itself, it’s also crucial to do your homework on the neighborhood you’re moving to. If you’re buying a house in the same city that you live in, this isn’t as big a concern, but if you’re moving to a new area altogether then you’ll want to do your homework. Even the most picture-perfect neighborhood can have drawbacks you wouldn’t expect. Ask yourself questions such as: What is the crime rate in this area? Is this home vulnerable to flooding or tornadoes? Is this a good location in terms of school districts, grocery stores, and/or commuting to work? You can’t anticipate everything, but spending some time imagining the day-to-day realities of living in your potential new home can help you identify red flags.
