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Last updated: April 10, 2018 • First Time Home Buyer

First Time Home Buyer Tips: What to Look for When Purchasing Your First Home

Desire. It is the most significant reason that a person chooses to buy a home for the first time. For some home buyers who enjoy financial freedom, it is a privilege. For others, it is a goal that is not so easily accomplished, but well worth the undertaking once achieved. According to research by the National Association of Realtors (NAR), 35% of all home buyers did so last year for the first time. A belief in hard work, commitment, and the need to contribute to one’s family balanced the cost for those fortunate enough to attain such an important goal.

4 First Time Home Buyer Tips:

What to look for when purchasing a home is something everyone should take the time to learn before the buying process begins.

Financial Obligation

Every home buyer should know what the financial obligation will be before making an offer to buy. The NAR’s research found that the median price for homes on the real estate market was $227,000, but the average income for those purchasing was significantly less at $88,500. Using a mortgage calculator, a home at that price would require a monthly payment of about $1498.11 assuming a loan company financed the full purchase price. Even with a 20% down payment of $45,400, the monthly payment could still be as high as $1186.78.

($227,000-$45,400 Down Payment) Loan $181,600 x 4% interest x 30 years= $1186.78

The more you know about what is expected of you financially, the easier it will be to maintain a payment schedule. While the first time home buyer tax credit expired, current first time home buyer grants can aid you in attaining your financial requirements. Every situation is unique, so a person who can guide you through the process will be an indispensable adviser throughout your journey.

Seek Out Real Estate Agent Tips

Our real estate agent advice section provides excellent tips for buying a new home. Enlisting the help of a knowledgeable real estate agent is vital. Real estate industry tips can include information like the pre-approval process, down payment requirements, or the pros and cons of home inspections. Moreover, they can help you form negotiation strategies so that your best interest as a new homeowner is the first and only priority that matters.

Open House Tips

An open house viewing offers first time home buyers the opportunity to prospect the homes on the real estate market. Moreover, it is a time to compare critical elements like square footage versus the perks of a neighborhood. If possible, bring your real estate agent to the open house so that you remain united in what you desire. The experts have attended hundreds of these events and learned all the tricks of the trade. Real estate professionals are trained to spot questionable headaches before they arise. You will have guidance so that you do not overpay as well as an observation on material defects that make the perfect house not so splendid a home for you or your family.

Location, location, location: Did you know that a home’s local school district can affect its value substantially? You might be thinking, “So what, I do not have kids.” Well, two things:

  1. You might one day have them, so it is essential to remember it before choosing a home that offers no possibility for change.
  2. If you decide to resell, it will be a significant benefit to others looking to buy a home in a fashionable neighborhood that is part of some of the best school district.

Thinking about the ‘what if’ is just as significant as the straightforward concerns facing a buyer in the present. Take the time to sit down and think about what you are looking for in a home, what you need to consider when looking for it, and any future considerations that may change your situation. The better prepared you are, the more successful you will be in finding your home.

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