We know that buying a home for the first time can be extremely scary as it is a monumental part of ones life but it also is one of the most exciting times in someone’s life so lets try and look at this process in the most positive way possible!
As you know buying a home for the first time can come with its challenges but we can help you avoid some big mistakes that will save you a lot of time, money, and energy.
- Apply for a mortgage before you look for a home: It is of the up most importance to get the ball rolling on applying for a mortgage before you look for a home because housing inventory is tight and you might find yourself quickly losing the home of your dreams if it goes off market quickly. Be sure to get a full preapproval. This will prove you are a serious buyer with good great credit who can successfully obtain a loan.
- Do not over extend yourself: It is easy to fall in love with a home that is out of your price range but this doesn’t stop many people from doing everything they can to get the dream house and this is a big no no! buying a home that you cant afford can eventually lead you to losing it or worse. Focus on what you can afford or on what monthly payment you can afford. Just because you qualify for a certain amount doesn’t mean you can afford the payment that comes with it.
- Moving too fast: You should map out your home-buying timeline at least a year in advance. Keep in mind it can take months or even years to repair poor credit and save enough for a home or down payment on a home. Ensuring your credit score is strong will make the process of buying your first home an easier one.
- Picking a good neighborhood not just the perfect home: Selecting the right town and neighborhood can be critical for you and your family. The right way to make this decision is by doing you proper research and matching up what you want out of a town and neighborhood so that it aligns with your core values and needs. A real estate agent like Anthony Gargaro can help you find the right fit for your family. It is always best to let an agent you are working with know exactly what you are looking for in both neighborhood and home. Be specific!
- Making sure you calculate the hidden costs of home ownership: Some important things that are not mentioned when buying your first home are, property taxes, mortgage insurance, hazard insurance, and repairs. Properly budgeting these costs before purchasing will save you a whole lot of time and money!
We hope these tips help you get started on the right path to purchasing your home. Good luck 🙂