Tips for First Time Home Buyers

Tips for First Time Home Buyers

Buying a home is not a decision to make lightly.  There is a lot to consider and take care of in order to make sure that you end up with the right house at the right price.  While you might be anxious to find and move into your dream home, the key to a successful purchase is to just be patient.  Rushing into a home purchase can leave you regretting your decision, and that is the last thing you want to experience.  If you are considering buying your first home, here is some advice to help you make sure you end up right where you are supposed to be.

Setting a budget

All too often mortgage lenders approve new homeowners for mortgages that they cannot afford.  Do not let yourself become a victim of these lenders, and understand exactly what your price range is.  Once you know your budget, stick to it.  Do not walk through homes that are out of your price range, as that will only tempt you to spend more than you have.  It is also wise to take into consideration any upgrades or repairs you will have to make to the home, as those projects can add up.    

House shopping tips

Before browsing houses, Pop Sugar suggests that you make a list of things that you need in your home, and then things that you want, but that are not absolutely necessary.  This will help your realtor steer you in the right direction.  Always consider location.  When your list of homes that you are interested in is down to the final two or three choices, take a drive from each home to your work or other family members’ houses to know exactly what your commute will be like.  Do not be afraid to look at foreclosures and short sales, because you never know if a low bid will be accepted.  Lastly, as you are shopping, put away as much money as possible so by the time you move into your new home you can have your mortgage payment for at least the next three months put away.

Sealing the deal

When you have found the home of your dreams, organize all of your paperwork so it can end up where it needs to be and you do not have to chase down any missing pieces.  Write the owners a letter with your offer as well as compliments and flattery.  Let them know why you love their home, and what you plan to do with it so there is a personal connection with them.  If you have to remodel the home, make sure you have budgeted for any major renovations, or be prepared to wait until you have that money saved up.  Taking more loans out to remodel is likely unnecessary, so just wait until you have the cash to avoid even more debt.

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