First Time Home Buyers
Buying your first home is one of life’s great milestones, but it also can be intimidating and incredibly stressful. Extensive amount of time and research is required to find a place you like, and even then it’s not guaranteed that you’ll be able to close. Many first time buyers act too swiftly and buy the first house like without thinking ahead and assessing not just where they are now, but where they’ll be in the future and what their goals are. Follow these tips and you’ll be well on your way to making wise decisions when buying your first house.
Think big picture. What are your goals? Where do you want to be in 5-10 years? Do you see yourself in the same place? These are all important questions to take into consideration when purchasing a home. It doesn’t make sense to buy a two bedroom cape if you plan on having 4 kids in 10 years. Or you could decide if you do grow out of the house, will you sell or keep it as an investment property? If so, how much can you earn in monthly rental income and will it cover your mortgage, taxes, and maintenance? These aren’t easy questions, but they’re important to consider when purchasing a home.
When purchasing a home, it’s critical that you have a full understanding of your financial situation and credit score. Nothing is more discouraging than applying for a mortgage and finding that your credit history won’t allow you to get one. Get a credit report prior to starting to look for mortgages, and also assess how much you can afford monthly on your mortgage, and how much you can afford to spend on the down payment. Use our mortgage calculator to see exactly how much that down payment would translate into a monthly mortgage, and you’ll have the price range of houses you can look for. It also helps to get pre-approved for a mortgage ahead so you know the price range you can look for.
Seek professional help. There’s a reason buyer’s agents exist. Unless you have a comprehensive knowledge of the real estate industry, it’s important to have a professional on your side. The agents found on Fort Hill Pads have extensive knowledge of the real estate market in Fort Hill and will be able to point you in the right direction and give you sound advice to make sure you’re making the right decisions on the path to owning your first home.
Think big picture. What are your goals? Where do you want to be in 5-10 years? Do you see yourself in the same place? These are all important questions to take into consideration when purchasing a home. It doesn’t make sense to buy a two bedroom cape if you plan on having 4 kids in 10 years. Or you could decide if you do grow out of the house, will you sell or keep it as an investment property? If so, how much can you earn in monthly rental income and will it cover your mortgage, taxes, and maintenance? These aren’t easy questions, but they’re important to consider when purchasing a home.
When purchasing a home, it’s critical that you have a full understanding of your financial situation and credit score. Nothing is more discouraging than applying for a mortgage and finding that your credit history won’t allow you to get one. Get a credit report prior to starting to look for mortgages, and also assess how much you can afford monthly on your mortgage, and how much you can afford to spend on the down payment. Use our mortgage calculator to see exactly how much that down payment would translate into a monthly mortgage, and you’ll have the price range of houses you can look for. It also helps to get pre-approved for a mortgage ahead so you know the price range you can look for.
Seek professional help. There’s a reason buyer’s agents exist. Unless you have a comprehensive knowledge of the real estate industry, it’s important to have a professional on your side. The agents found on Fort Hill Pads have extensive knowledge of the real estate market in Fort Hill and will be able to point you in the right direction and give you sound advice to make sure you’re making the right decisions on the path to owning your first home.
