As first-time homebuyers, you are preparing to make what is possibly the biggest purchase of your life (to date anyhow). Because this is your first time around, you might be unprepared for some of the issues that may come your way. To help make sure you are prepared, here are five factors to think about before purchasing your home.
Staying Seven Years
First-time homebuyers will want to stay there for a minimum of seven years in order to make the extra costs worth your while financially. When purchasing your home you will pay for other expenses like closing costs, inspections, and realtor costs. These extras can add up quickly and become expensive. If you don’t think you will stay in that specific home for seven years you should continue to look for a home that will work or continue renting so as to not waste money.
Understanding Your Finances
Before buying your home you will want to understand your financial situation. Talk with a lender six to twelve months before looking at homes to ease into the process and to calculate how much you are able to afford for a home.. By getting this conversation going early the lender they will be able to get your credit score for you, giving you a chance to clear up any credit issues before starting to look at homes. It is important that both before and while looking at homes you do not make any large purchases and continue making payments on time to all of you bills. Your finances will be closely monitored before closing.
Picking an Agent
Your next step is finding your agent. You will be spending plenty of time with this person and they will be helping you work through some tough decisions so make sure you choose this person wisely. Do your research, ask around, look online and then conduct interviews before choosing your agent.
Taking it Slow
Purchasing a home most likely will be the biggest purchase you make. Once you sign those papers the home is yours so make sure you have really found the home you love. It is okay to look at a number of homes before making this decision!
Not Getting Tricked
Some sellers will try and trick you into believing you are getting a deal when in reality you are not; by the time you will realize this it will be too late. Look into all the homes that you are thinking about buying and ask as many questions as you can before making a purchase so there are not any surprises.
First-time homebuyers need to take their time and should not rush into any decisions. Before you sign on the line, make sure you do your research of on your finances, real estate agent and homes before buying.