3 Things First Time Home Buyers Must Know
Buying your first home can be both exhausting and exhilarating, often at the same time. There’s so much to think about! The location of the home with respect to your work, the school districts your children will attend, and, of course, the physical space itself. It’s true that there are quite a few factors to mull over as you shop for your first home. But before you make an offer, be sure you evaluate these three considerations when buying your first home. 1. It’s true what they say about “location, location, location.”
The geographical location of your first home is one of the most important, all-encompassing criterion you should consider before you move into your new house. As mentioned, your commute time and your children’s school districts are important. That said, many home buyers overlook other aspects of location. Do a bit of research into local zoning ordinances, for example. Will your quiet acre soon sit next to a strip mall? Check out the community plans, too. How will the future growth of the community affect you? Your home’s resale value? Your physical home can be added to, remodeled, improved or even rebuilt. The location, however, is permanent.
2. A good down payment is a good investment… usually. You already know that the more you can put into your down payment, the lower (generally speaking) your monthly mortgage payments will be. You also know that a larger down payment will immediately result in more equity in your new home. However, consider the expenses you’ll incur when you buy your new home. You may have homeowners’ association fees. You’ll have to pay property taxes, which trend upward each year. You’ll have higher utility costs in most cases, and there are incidentals you may not consider – after all, you’ll no longer have the landlord to fix that leaky roof. Work with a financial adviser to figure out what you can truly afford. Don’t spend all your savings. Instead, invest in mortgage insurance and set a bit of those savings aside for emergencies or daily expenses.
3. You absolutely must hire an agent you trust.
Buying your first home is a huge decision – and it’s not just a financial one. Your first home is often an emotional decision, too. It’s essential that you hire a real estate agent you trust to help you through the process. A good buyer’s agent won’t steer you or try to convince you to buy any particular home. He will, instead, listen carefully to your desires and show you homes which fit your lifestyle and budget. He’ll answer questions you have about specific homes, or about the home buying process. And, most importantly, your buyer’s agent is someone you’ll feel comfortable working with, from pre-qualification to closing. Are you ready to begin your search for the ideal first home? Call me at [757] 206-2859 or contact me via social media. Together, we’ll discuss your questions, concerns and, of course, your dream home! Let’s get started today!
