Great tips for first time home buyers
Author: spencer   April 10, 2019

Buying your first home can be an exciting yet overwhelming time in your life. Knowing that the whole house is your responsibility can be a daunting task to take on, but if done right you won’t worry as much. That is why we want to provide you with some helpful tips if you are thinking of buying your first home in the near future.

Great tips for first time home buyers:

  1. Start saving for a down payment.
  2. Know what you want from a home.
  3. Talk to a financial advisor.

Start saving for a down payment.

How much do you need? That is a good question. The ideal down payment is 20%. Putting 20% down will help avoid additional fees such as PMI. Also, putting down 20% will help lower your monthly payment as opposed to putting down 5% or 10%. Are you still unsure of how much money you need to have saved? Start browsing online to see how much homes are going for in your ideal areas. Doing so, will help you see what 20% means to you and your future home. Going into a home with 20% will also take a weight off your shoulders because you know that you are capable of saving for things that may come up in your home down the road such as repairs or improvements.

Know what you want from a home.

What exactly do you want? That can be a hard question for some, but before you start seriously, looking stop by a few open houses and see what is out there. Do you want an attached garage? Is it important for the appliances to stay? How big of a yard do you want? Are you wanting to host parties? Do you need an extra bedroom to host guests? Do you want a basement? Does it matter if it is finished or unfinished? Do you need more than one bathroom? Are you planning on starting or growing your family? All of these questions are good questions to ask yourself before you settle for a home that isn’t going to fit your needs just because you don’t see what you want. New houses pop up every day, just be patient and be ready to make that leap when the time is right.

Talk to a financial advisor.

Are you unsure of what you should be spending on a house? It may be best to talk to a financial advisor. There you’ll be able to express your goals and look at your money in a more detailed fashion. It can be easy to get caught up in the excitement of looking at houses (especially the ones with all the fancy amenities). Being smart with your money will help prevent you from being house poor when it’s time to sign on the dotted line.

If you are ready to start looking for the home of your dreams, contact us today!