6 Things to Consider When You’re Buying Your First Home
You’ve been itching to get out of your apartment for a while and you feel ready to move into something bigger. Buying your first home can be an intimidating process, so we’ve put together a list of things to consider so you can feel confident throughout your first home buying experience.
Do a financial checkup
Before you can find the right home, you need to make sure you can afford one. Get your finances in order and go over your budget to understand your debt to income ratio, if you can furnish a down payment and any other expense that crops up during your search for your first home. If you’re just starting the home buying journey, attend one of our free First-Time Home Buyer seminars. At our seminars, a realtor, home inspector and Landmark mortgage expert will walk you through the home buying process. At our seminar, you’ll get a better understanding of our different loan options for first-time home buyers and what to expect as you move through the home buying process.
Check out the neighborhood
When buying or building a home, check out the neighborhood. Does it seem like it would be a safe place to live? Is it noisy? If you have a family, or you’re hoping to have one in the near future, check out the school district. How do the schools in that community’s district compare to others where you have shopped around for houses? Safety and security for the future are essential aspects to consider when shopping for a new home.
Look into the local scene
Is the house you’re looking at in an area that fits your lifestyle and needs? If you love peace and quiet, buying a house in an urban scene may not be ideal. Or, if you love the hustle and bustle of city life, living in a quiet, rural area may not fit your lifestyle. Make sure it’s in an area that offers a decent commute to your job and other activities you are involved in. It’s important to select a home in an area that you can see yourself enjoying.
Check out its value
What are other homes going for in the neighborhood you’re shopping in? What are the property taxes like? While selecting a bigger home may be tempting, the property taxes could be high so make sure to factor them into your budget. Also, when shopping for a home, make sure the neighborhood or community that you’re shopping in is one that will continue to prosper so your home doesn’t lose value overtime.
Fix it or forget it
When looking for a house, you may come across some homes that have great potential with the right look. Make sure that this “Fixer Upper” is worth your time and money. If the repairs and renovations to make this home livable are way out of your budget, consider looking at a different house.
Room to grow
Buying a house is an investment. It’s an investment of your time and your money, so it’s important that you make sure this is a home that you can see you or your family in for a while. Does the house have enough bedrooms or bathrooms for your current or expanding family? Does the lot have room where you could expand upon or add on new parts of your home? When purchasing a home or lot, it’s important that you find or build a home that you can see yourself in for 5-10 years, or more.
When buying your first home, it’s important to choose a house that fits your family, your needs and one that you can comfortably make into your home. If you’ve already found the perfect home, we’ll help you find the perfect loan. To learn more, attend one of our upcoming seminars.