April 8, 2019
Three things to keep in mind when buying your first home
Buying a home for the first time yields a sense of financial responsibility and adulthood but is an immense commitment. Taking on a house is a huge step and usually increases your obligations – mortgage, utilities, maintenance and keeping the yard in shape. Aside from these things, owning a home can be an incredibly rewarding experience. Before venturing into this endeavor, read through our list of things to keep in mind to make this process as smooth as possible.
Consider your financial situation
The market is an essential factor when deciding to buy your first home, but just because more homes are for sale than there are buyers for them, which is called a buyer’s market, doesn’t mean it’s the right time for you to buy. Make sure you’re making this decision because you’re settling down and need somewhere to live for at least five years. Some other financial aspects to consider are having a good credit score, a stable job and a sizeable amount of cash for a down payment.
Know the process
Buying a home is unlike any other buying process, full of complicated paperwork and different professionals involved, and can be a stressful undertaking. The best way to tackle this is to find an experienced Realtor who understands the market, listens to your needs and will walk you through the process, every step of the way.
Know what you’re looking for
Once you’ve considered your financial situation and determined a budget, analyzing what is most important for you in your new home will give you a clear guide for what you and your Realtor should look for. There are many things to consider – in-town living that is walking distance to shops and restaurants, a single-level home vs. two or more stories, a garage or basement. You may not be able to afford everything on your wish list, but it’s important to have this list and know the factors that might be deal breakers for you.