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First Time Home Buyers Guide

(Published on - 6/2/2020 4:18:44 PM)

Buying a home can be challenging for a first-time homebuyer. There are many steps and requirements to the process that a lot of people go into this unaware of. It is not just finding a home you like and signing contracts; there is a lot more to it. Any mistakes made during this process will be quite expensive. Many of the mistakes made are usually before buying the home, which causes a chain of regret in the continuation of the home buying process. You think you found a great home and the bank lent you more than enough money, which means you are set. What else is there to it? There's a lot more. Considering a few key things when beginning your search and home buying journey will set you in the right path. Here are some questions you should ask yourself:

 

Before Buying: 

1. What home/features fit your needs?

You have a number of options when buying a home, it can be a single-family home, duplex, condo, or a townhouse. Each option has its pros and cons and you may be keen on getting a certain one, but you want to make sure it fits the qualities and features you want, depending on your homeownership goals. You can also consider buying for less and fixing up a home or buying for more and fixing less. Making a list of pros and cons is essential when deciding and not many people spend a lot of time during this process because they think they know what they want. You deserve to make a purchase that will meet your wants and needs, but with that comes a lot of consideration. Things to consider are size, neighborhood/community, as well as amenities within the home and outside in the neighborhood/community. Even considering the bathroom’s layout is important. Looking past ‘little’ details like this because they seem unimportant can result in change of heart once you have made that decision and it is too late.

 

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2. How much of the home can you afford?

It seems to be easy enough when deciding to buy a home because ultimately most homebuyers cannot afford to buy a house with money laying around in their bank account. Ultimately, they know they will take out a loan and pay it back. This is true, but it is not as easy as it sounds. Sometimes the bank will give you more than you need, and homebuyers take it because the more, the merrier, right? What you take, you give back; there is no need to take more than you need. The more you take, the higher your mortgage payment may be and the more interest you pay on the home. If this is not enough to catch your attention, there are many other things that should be considered: HOA fees (if you have one), other personal costs like bills, groceries, or even payments on other loans. So, on top of a high mortgage payment, you have other bills and expenses to worry about. Consider how much you take home every check from your workplace. Are you spending more than you make?

 

 

During Buying Process:

3. Get a home inspection:

Even if the home you plan on buying seems perfect, there is nothing like bringing in a professional to tell you that themselves. Getting a home inspection is the best decision to make as a home buyer; it gives you details on what you are buying into. Home inspections let you know the life expectancy of some essential amenities in the house, like roof, furnaces, plumbing, structure, and foundation. These things can cost a lot of money and as a homebuyer that just spent a ton of money investing in the home, the last thing you want to do is worry about fixing your roof or getting a new A.C system which are not cheap. Now, the buyer is responsible for the cost of the home inspection, but you have to consider how much money you would save in the long run as well as going into your home knowing everything you need to know. This process gives you the chance to possibly ask for less on the house from the seller and take it as is or have the seller fix these issues. This also give you the opportunity to change your mind and go another direction.

 

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