Tips For First-Time Home Buyers

Hello guys, today we are going to take a look at some tips for first – time home buyers. Certainly almost everyone would love to own a home of their own. It is also worth knowing that buying a home and buying a house aren’t the same thing. Being a first-time home buyer is exciting! But I know it can also feel great especially when you see homes being purchased at a median of $260,000 and available homes flying off the market in just two to three weeks.

With real estate trends like those, you might be tempted to make an impulsive purchase that could hurt your financial goals and keep you paying a mortgage well into retirement.

I guess no one wants that right! Trust me, guys, it’s worth doing this the right way. And that means buying a home that you love and doesn’t hurt your future money goals. You may be thinking or even having your doubts, ‘but where do I even start?’ yeah! That’s cool.

 I’m so glad you asked! I’ve put together 5 tips for first-time home buyers as they tackle the home-buying process. Put these into practice today so your first home is a blessing and not a burden.

1.     Pay Off All Debt and Build an Emergency Fund

before you even think about buying your first home, make sure you’re debt-free and have an emergency fund of three to six months of expenses in place. That’s because when you own a home, you’re responsible for all the maintenance and upkeep costs which is very expensive.

2.      Determine How Much House You Can Afford

Before you get emotionally connected to a nice house, check your monthly budget to know how much house you can afford. You need to leave room in your budget for other things, so make sure your monthly housing costs (including fees, taxes, insurance, etc.) are going to be no more than 20% of your monthly take-home pay.

3.     Save for Closing Costs

Along with your down payment, you’ll also need to pay for closing cost. If you’re a first-time home buyer, you may be wondering how much it costs to close on a house. On average, closing costs are between 2 – 5% of the purchase price of your home. These fees pay for important steps in the home-buying process, including:

• Appraisal
• Home inspection
• Credit report
• Attorney
• Homeowner’s insurance

4.     Find a Home for Sale in Your Price Range

According to recent data reported by the National Association of Realtors (NAR), most buyers either found the home they purchased online (50%) or through a real estate agent (28%). Doing both sets you up for success!

Find homes you like online and send them to your real estate agent so they have a good idea of what you’re looking for. Then they can use a multiple listing service (MLS) to find homes that meet your criteria in your desired areas.

5.      Make a Competitive Offer (That’s Within Your Budget!)

Let’s say you found the home you want and can buy. Since you’re already preapproved for a loan, you’re ready to make an offer. If you’re a first-time home buyer, it may be hard to know how much you should offer.

 That’s when you can rely on the expertise of your real estate agent.

Ask your agent to help you make sure your offer is competitive but also within your budget and the home’s value. Be careful not to make an impulsive offer that’s higher than you can afford just to knock out the competition.

Find a real estate agent today👈

Additional tips

1.    Save a Down Payment

2.    Get Preapproved for a Loan

3.    Research Neighbourhoods for Best Fit

4.    Attend Open Houses and Think Long Term

5.    Prepare for Closing

Research and written by self.
hope this helped, please share and leave comment.