Buying a home for the first time can be intimidating to put it lightly. There are several different ways that you can go about shopping for and buying a home so it can be difficult to determine what the best way is for you. Don’t let all of your questions overwhelm you and take away from the excitement of buying your first house. With some pre planning and a little research you can figure out the best way to land the home of your dreams.
Act Quickly. Have you been thinking that 2014 is your year to buy a home? If that’s the case, you might want to get a head start on that. Mortgage rates are currently low and many homebuyers are finding that it’s not as hard as it has been in the past to qualify for a loan. The last quarter of 2013 and the beginning of 2014 might be the last time that’s the case. Why wait? Take advantage of a buyer’s market and you could save thousands of dollars in the long run.
Check Your Credit. Many banking and real estate professionals will suggest that this is the first step you take when buying a home. Especially if you have a spouse, you want to take the time to check both of your credit lines to make sure there aren’t any surprises and that you will be able to correct any that you might find. It’s never too soon to check your credit. Even if you think you are still a few months away from buying a home you can start to do damage control on any less than stellar credit scores.
What Type of Home Suites You? There’s no rule that says your first house has to be the house you live in for the rest of your life, however, it takes a lot of work to buy your first house so you should make sure it’s one that you will be happy with for at least a few years. Do you plan on staying single or not having kids? Then you might be ok with a multi level condo. Do you want to have kids right away and want animals? Then you might consider a single level house with a yard. It’s important to consider these things before you have actually purchased and moved in to your first home.
The Internet is Your Friend. Take the time and do some research on home prices that are in your first choice neighborhoods. This will help you get a realistic idea of how much you can expect to spend on your first home. Websites like Zillow and Homegain give regularly updated prices on home sales. Doing cost research will also help assure that you aren’t getting cheated when it comes to the price of your new home.
Find out Your Exact Mortgage Payment. A quick Internet search will provide you with several online tools to help determine exactly how much you’ll be paying for your house each month. It takes in to account down payments, interest rates, the cost of your home and some will even factor in all of your bills to see what your monthly finances will look like.
Don’t Forget About Insurance. Many people forget to consider homeowner’s insurance when trying to determine how much home you can afford. This is easy to do. Once you establish how much you can afford on a home you can call any insurance agency and they will give you a quote on how much it will cost you to insure your home.