How To Buy Your First Home

Finding the Right House

You’ve decided it’s the right time for you to buy a house. You’ve gotten your finances in order, checked your credit history, and made the decision that this is the right time for you to go forward. How do you find the right house?

How Much Do You Want to Pay?

The first step in deciding on the right house for you is to decide how much house you can afford. This is something you can talk over with a mortgage lender or a banker, or anyone who is familiar with the industry. Take a look at how much of your monthly budget can be spent on housing. Once that’s decided and you know what type of monthly payments you want to have, you can decide what your price range is for a new home. Keep in mind homeowner’s insurance and property taxes on the home when you are deciding how much home you can afford.

What You Must Have

Next you’ll need to make a list of all the things you absolutely must have in your new home. Decide how many bathrooms are necessary for your family. You’ll need to think about what sort of floor plan you’ll need, especially if you’re accommodating older family members or babies. You would have to think about neighborhoods and where you’ll be willing to look for a home. This is especially important when you’ve got school aged children to consider. You would also need to take into consideration the location of your new home. Often neighborhoods will have association fees and that might be something you feel is important to have -or avoid.

What You’d Like to Have

Once you’ve decided what you absolutely must have in order for your new home to suit your needs, think about things you’d like to have if they’re available. Do you want a newer home with fresh paint and wall-to-wall carpet? Would you rather have an older home with charming hardwood floors? Some people look at lighting fixtures and the types of windows that are in the home. Others want their breakfast nook to face the morning sun. This is your wish list. Be creative

How to Decide What’s Most Important

Next you’ll need to prioritize your wants and needs. You can make a chart, starting with the things you absolutely will not compromise on and ending with the things you’re willing to let go easily, if you find the right house otherwise. It’s good to get your family to agree on this list before you start looking.

Time to Go Shopping

Now it’s time to go shopping! It can often be helpful to look online at what homes are available in your area. It gives you a chance to sort through some things before you begin to go out and see some homes. That can save you and your real estate agent time. A good real estate agent can be very beneficial in the homebuying process. Choose carefully and work to build a good relationship with him or her. You could be using them again!

As always, if you have any questions about how to buy your first home, use the comment link below. Your email address will never be published here to protect your privacy.