19 Sep What you should know as a First-Time Home Buyer
What You Should Know as a First-Time Home Buyer
Buying your first home is an exciting step, it is often the biggest purchase a family or individual will make in their lifetime.
To help avoid the stress that can be associated with buying your first home, here is some important information you should know to ensure you are prepared.
Before you begin your search for a home, it is important that you are aware of what you can afford.
Don’t become attached to a potential home before you calculate all the associated costs with
being a homeowner. Expenses associated with home ownership such as insurance, taxes, utility
bills, repairs, and emergency funds should all be considered before your home search in order to
fully understand whether you can afford to purchase a home.
Determining the amount of debt you currently have will affect the amount you can save for your
down payment and will also affect what your mortgage payments may look like. Take into consideration closing costs, moving expenses, funds for emergencies etc. Once you factor in these costs, you are ready to determine how much your down payment will be.
Opting for a mortgage pre-approval is an excellent way of determining how much you may be approved for. Once you have your pre-approval, have factored your down payment and considered the extra costs, you are ready to begin your home search!
Also be sure to select a real estate agent that is well-versed in the real estate market in your area, has a good reputation, as well as an agent with excellent credentials. Our team of agents would be happy to help!
Want to discuss in further detail?! Contact us for more info!