17 Jan Some Tips for a First Time Home Buyer
Are you planning on buying your first home sometime soon? I know when we were buying our first home, I wish I had a counselor advising me. Finding that dream home is an exciting undertaking. Purchasing a home for the first time, however, is no easy feat. It is far too easy to make mistakes along the way.
And, successfully getting through the process deserves a toast for sure! Doing anything for the first time is usually an undertaking, but when it comes to buying a house for the first time, that is an understatement.
Get Pre-approved For a Mortgage
One of the most vital things you’ll need to do as a first time home buyer is get pre-approved for a mortgage. You cannot afford to wait to get this done until you start looking at homes. Without question, you will not want to be scrambling at the last minute if you find a home to make an offer on. In addition to these things, being prepared with a pre-approved mortgage will show sellers that you’re serious and you’re not just there to waste their time. The preapproval will not only give you an idea of whether or not you meet the requirements even to get a mortgage on a home you’re interested in, but you’ll
The Down Payment
Many loan programs enable people to buy a home with little to no down payment. With that being said, your down payment is not something to be overlooked either, as putting down something too small will significantly increase the amount of money you’re going to need to pay month after month.
Your Credit Score
Can you get a mortgage to buy a home when you don’t have a good credit score? Sure you can but why would you want to? Your credit score plays a significant role in the mortgage interest rate you’ll receive from the lender. When you have a higher score the lender will give you more favorable terms. Over a long period of time, the cost savings can really add up to what you are actually paying for the house.
If you need to bump up your credit score, you should do all you can to get it higher. Speak to a credit specialist & they will help you make the right credit choices so your scores improve quickly. There are even some free services out there to help with that.
Make the Most of Open Houses
Online 3D home tours have become more popular amid the COVID-19 pandemic. These tours let shoppers virtually walk through a home at any hour and observe details that regular photos don’t catch. They don’t supply all the information in-person visits do — like how the carpets smell — but they can help you narrow the list of properties to visit. Open your senses when touring homes in person. Listen for noise, pay attention to any odors and look at the overall condition of the home inside and out. Ask about the type and age of the electrical and plumbing systems and the roof.
Shop Around When Looking For a Lender
People are in so much of a rush to get preapproved for a mortgage and begin shopping around for their perfect home, that they forget to actually shop around for something else, which is just as important: picking their mortgage lender. Making sure you’re getting the best deal will allow you to keep extra money in your pocket for things that are going to be useful down the line, like getting brand new furniture for your new master bedroom.
Focusing on your Budget
When you’re a first-time buyer, you’re going to need to sit down and figure out ALL of the costs in line with your budget, so you know how much house you can actually afford as well as any additional costs that go along with this. Don’t forget about the cost of your furniture too!
Focus on the neighborhood almost as much as the House
Don’t forget to check out the neighborhood for what’s important to you:
Are shopping and restaurants close by?
A local gym?
What about schools or churches?
Make a check list and stick to it!
Once you do find a home you love, a few more things to think about…
Is it properly ventilated?
Look for condensation on windows and inspect doors. Also, check windows and vents for bubbled or peeling paint. These are clues that moisture may be trapped in the walls or ceiling.
What's That Smell?
You can often smell water damage long after the standing water evaporates. Check walls and ceilings for water lines, especially in unfinished basements. Rust, water stains, or leaks in exposed pipes can also indicate past issues.
Where's the Love?
Some things — like burned-out light bulbs or faded paint — may seem small but can indicate previous homeowners have ignored routine home maintenance. But, your home inspection should reveal any potential future issues before you buy.
Final Thoughts on Buying a Home for the First Time
Buying your first house is a huge step in one’s life. Understanding what to know when buying a first home is critical and then acting on it is essential. Being prepared will put you in the best position not to make home-buying mistakes. Then, pat yourself on the back for getting through it and finding your dream home!
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