First Time Home Buyer Tips

Dated: 10/13/2017

Views: 65

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

Sep 21 2018 34703 1

<div><img src="/wp-content/uploads/2016/12/living-in-home-during-sale-cover.jpg" alt="living-in-home-during-sale-cover" width="700"/></div><h6>Via <a target="_blank" href=

Read More

Buying A Home Take Stock Of These Things Buying A Home Take Stock Of These Things

What are some of the most important factors that buyers take into consideration when looking for a new home? There are the obvious things like price, square footage, location and lot size. Those

Read More

Millennial Home Buyers What You Need To Know

Millennial Home Buyers: What You Need To Know In the past, you’ve likely read about how the Millennial generation is opting to rent rather than buy property. While this still holds true for many

Read More

New Home Construction Boom Expected

The housing market has been trending in a positive direction and economic indicators point to new home construction going vertical. Following the housing bubble and sluggish post-recession,

Read More