Purchasing your first home can be both an exhilarating and daunting experience.
Even though here are professionals to help you make the right decision, you will need to do some homework before you actually go house hunting. In this post, we will discuss the basics of preparing for a first-time home purchase. These tips will come in handy and will help make your life simpler when you begin the decision-making process.
What Are Your Long-Term Goals?
A first-time home buyer will need to determine their long-term goals and how owning a home fits into those plans. Some homebuyers may want to stop paying rent and instead pay a mortgage for their own home, while others may decide to buy a home for independence and enjoy becoming a property owner. Consider these questions to narrow down your homeownership goals.
What Type of Home Will Suit Your Needs the Best?
When you decide to purchase a residential property, you will have several options to choose from, such as a townhouse, a single-family home, a multi-family building, or a condo. Each of these options has its own pros and cons and a buyer can make a choice depending on their homeownership goals. A fixer-upper may be a great choice if someone wants to save money on the purchase price and has the time and money to complete the renovations to turn the house into a dream home.
What Specific Features Are You Looking for in Your Ideal Home?
Your home will be one of the biggest investments you will ever make. Make sure that you get the most out of the money you invest. Make a list of the specific features you want in a home. Include your basic desires such as the neighborhood, size, and even details such as the kitchen and bathroom layouts and appliances you would like in your home.
What Can You Afford?
Before you go searching for your new home, it is important that you have an idea of how much mortgage you qualify for. Better Rate Mortgage can help you decide how much you qualify for based on your income, credit history, and other factors. Your monthly installment payments are not the only cost associated with a home purchase. You will also need to include the cost for a down payment, property taxes, insurance costs, closing costs, and repair and maintenance costs.
Better Rate Mortgage looks forward to helping you own your first home. We work with top-rated real estate agents who will help you find and choose a home. Our unique “TBD Mortgage Approval Program” will help you budget for a mortage loan and complete the paperwork, even before you start shopping for your home. We will guide you through the entire process and save you from any potential pitfalls. Call us today at (314) 361-9979!