FIRST TIME BUYERS SERIES, PART IV: CHOOSING A HOME

In continuation of our First-Time Buyer Series, we’d like to share our expert advice on how to choose the right home for you. There are obviously various factors to consider, such as location, price, and individual needs.

Remember, your first home does not have to be your forever home. A dream home is often something you work towards, so never disregard what may be the most realistic option for your first time as a home buyer. Going towards the top of your budget is a recipe for disaster, and not only that, but you’re only going to put even more pressure on yourself once those mortgage payments hit.

Here are some factors to carefully consider when you are looking to purchase your first home:


Start saving for that down payment early
 
Whenever you buy your first home, in order to secure your loan, mortgage companies will often go back at least six months to ensure that you are a qualified buyer with healthy financial habits. Living paycheck to paycheck or receiving large sums of money for a down payment are red flags to lenders. Start saving early, and be realistic about your budget when looking to purchase your first home. You must always factor in things such as taxes, insurance, and closing costs.
 
Take a close look at the area, including schools
 
If you have a daily commute, are hoping for certain neighborhood/area amenities, or have children who will be attending a public school, you must thoroughly assess the area so that you are not regretting your location after you’ve closed on your home. Buyer’s remorse is a very real thing, and purchasing your first home is a major milestone in your life. Don’t be consumed by frustration and regret; do your homework when picking your first home — or any home for that matter.

Seriously consider your needs versus your wants
 
Unless you’re having a custom home built, no house will 100% match your tastes/desires. Just like with anything in life, you must objectively weigh the good versus the bad. If there are obvious deal breakers, do not even waste your time considering the home. But if there are small, aesthetic things you’d like to change, think of the hands-on DIY opportunities you have to make your first home uniquely you. This alone is a great way to put you within your budget and helps you see the value in choosing a quality home with minimal upgrades needed.

It is very important to set your expectations accordingly when buying a new home. Understand that finding your absolute dream house is very rare! So make sure you have a list of deal-breakers and areas of compromise going forward with your new home search.

First-Time Buyer Series, Part I: Home Buying 101 - Let's Talk Money
First-Time Buyer Series, Part II: Become An Expert On Securing The Best Morgage Rates
First-Time Buyer Series, Part III: How To Pick An Agent
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Village Properties

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