First Time Home Buyer Tips

Dated: 10/13/2017

Views: 114

Image title

Purchasing your first home can be an overwhelming process. In fact, some have said it’s the scariest thing they’ve ever done. Buying a home is often the largest purchase in a lifetime, and several people  avoid purchasing a home due to their fears of costly expenses.

However, buying a home isn’t as scary as many people make it out to be. Follow these tips if you’re thinking about making the big move from tenant to home owner:

1.Think About Down Payment

You might be dreading those two words, but it’s something you’ll need to think about when it comes to purchasing your first home. Think about how much money you want to set aside for your down payment, and how much home you can afford. Start considering your down payment options. Figuring out your down payment options, and how much you can afford, gives you a ballpark range on how much money you’ll need to borrow from a mortgage lender.

2. Postpone New Credit Activity

If you’re thinking about taking out a new credit card the same time you’re considering getting a new house – it’s not the best idea. Mortgage lenders run hard inquires on personal finances, and run an in-depth credit report. Avoid opening a new credit card until after the home buying process, to avoid your credit score dipping low.

3. Location, Location, Location

Figure out where you want to live. Consider local property tax, and home owners insurance options. Learn about the area you’re considering moving into – is it high in crime, is it a flood zone, does it have a good school system? These are all questions and considerations to weigh when looking to purchase a new home.

Working with a real estate agent is always a good idea when looking for your first home. Agents often know a large amount of information about areas, neighborhoods, and school systems. They also can help you find the ideal home to fit your needs.

4. Be Prepared to Compromise 

Find a perfect home from roof to basement (or lack-thereof) is rare, so consider different compromises you’ll need to make when purchasing home. Will you need to take down the disgusting red wallpaper in the dining room, or install a new refrigerator? Sometimes you need to put in a little elbow grease (or spend some extra cash) to achieve your dream home. It’s important to find out what work you will need to put into a house before you make an offer on it.

Lastly, be excited. This is a huge step you’re taking, and while it might be a bit intimidating, there any many useful sources around to help you out.

For more info visit: http://www.bondstreetmortgage.com

Blog author image

Jessica Rojas

Jessica Rojas is an extremely dedicated and committed real estate agent who has been working in the Real Estate field since 1997. She became a licensed real estate agent in 2009 as a sales associate ....

Want to Advertise on this Site?

Latest Blog Posts

5 Stages Of Grief After Losing A Bid On Your Dream Home And How To Avoid Them

When we think of real estate, we tend to think of the positives: a place to call our own, beautiful interior design, and—if ratings are any indication—all the wildly entertaining real estate TV

Read More

Selling Your Home Watch Out For These Stressors

There are a lot of moving parts when it comes to selling your home—and for many sellers, those moving parts can cause a good amount of stress. But what are the most stressful parts of the

Read More

Fewer Houses On The Market Presents A Prime Opportunity For Sellers

After putting their home search on hold during the height of the COVID-19 pandemic, buyers are returning to the market ready and eager to purchase a home. But the biggest challenge facing them in

Read More

More Buyers Eyeing Property In The Suburbs

While the country is reopening and restrictions are being lifted, the quarantine experience is still fresh in many potential buyer’s minds—and many of those buyers are favoring spacious suburban

Read More