Top Tips for First-Time Home Buyers
The challenge of buying a home for the first time can seem intimidating, it can be enticing to just buy the first house in your price range or continue to rent. To help with the process and get the most out of your purchase, here are some tips to consider before you buy, what to expect from the buying process and some tips to make life easier after you purchase your home.
Before you buy, here are some things to consider:
First, you need to determine what your long-term goals are then how home ownership fits in with those plans. Here are some questions to ask yourself to determine what your home ownership goals will point are.
- What type of home best suits your needs?
There are several options, a traditional single-family home, a townhouse, a condo, a co-operative or multi-family building with two to four units. So, you need to decide what property type is for you.
- How much mortgage do you qualify for?
When lenders are deciding how much to offer you, they will look how much debt you have, your monthly income and how long you’ve been at your current job. Calculate how much home you can afford here: https://firstohiohome.com/
The Buying Process:
Now that you’ve decided to go for it, lets go over what to expect from the process itself. This is a chaotic time, but if you prepare for the hassle you can get through the process with your sanity, mainly, intact. Here are the steps you can expect:
- Find a home
- Consider your financing options and secure financing
- Make an offer
- Obtain a home inspection
- Close or move on
Congratulations! …Now What?
You’ve signed the papers, paid the movers and the place is starting to feel like home. Here are some final tips to make life as a new homeowner secure and more fun.
- Keep saving
With home ownership major unexpected expenses can occur. Start an emergency fund to prepare for these inevitable costs.
- Perform regular maintenance
Regular maintenance can decrease your repair costs by allowing problems to be fixed when they are small and manageable.
- Don’t rely on selling your home to fund your retirement
Even though you own a home, you should still save the maximum in your retirement savings account each and every year.
