Buying a home is an event that brings a wealth of emotions with it, especially if you’re a first-time homebuyer. You may feel lost and stressed out by the prospect of trying to find a home in a desirable location with all of the features you and your family want within your budget. Buying a new home is one of the most significant investments you’ll ever make, and it can be hard to do so—especially the first time—without guidance. We’ve listed some of the things that you should take into consideration when buying your first home to help make the process easier.
Questions for a First-Time Homebuyer to Ask
Location, location, location! You’ll need to determine the neighborhoods you’d like to live in, as well as some back-ups in case you have to compromise. You’ll also want to determine what kind of building you want to live in. A 4-bedroom home? Something larger or smaller? A condo or a townhome? Figure out your family’s needs, including how you’ll be getting from here to there once you’ve moved. For example, do you need to be close to public transportation or do you want to be able to bike to work? It’s also important to pay attention to school districting—this will be important not only for your current or future children but also when it comes to reselling the home down the line.
Derive a maximum budget by factoring in the down payment for the home, how much you can spend on your mortgage each month, the cost of homeowners insurance, as well as property tax. There are other costs that come along with buying a home that should be included as well, such as the fee for applying for a mortgage, the price of a home inspection, and closing costs. Take your monthly expenses into account, too—you can’t spend every last penny you have on your new home alone!
Be Aware of Your Credit Rating
You’ll need to have a good credit score if you want to get an attractive interest rate on your loan for your mortgage—or a loan at all. You may need to spend some time improving your credit score before you begin your house-hunting adventure.
Get a Real Estate Agent
A good Realtor is going to help you find homes for sale that fit your budget and your other requirements, like the location. He or she can also help you navigate the oftentimes overwhelming details of the home-buying process.
Hire a Home Inspector
You want to know the true condition of the home that you’re buying. A qualified home inspector will inform you about any visible and accessible defects that the house has, so you’ll better understand its state and whether or not it’s going to require costly repairs, now or down the road. Outlook Home Inspections is the preferred home inspection company for a first-time homebuyer because our job is not complete until you have full knowledge of the condition of the house and all of your questions have been answered. Contact us to schedule your inspection today.