Emergencies occur when we least expect them, and to ensure long-term financial stability, it’s best to have a plan to weather them. When an emergency happens, be it a natural disaster, illness, or job loss, many people can find themselves struggling to keep up. Here are five essential tips to help you save for an […]
What To Consider When Buying Your First Home
Buying your first home? Congratulations! Your first home is an exciting new adventure and you want to make sure you do it right. Finding a home takes time, research and lot of patience but with the right tools and asking the right questions, you can be one step closer to finding the home for you:
Can I Afford It?
One of the first things you need to consider before buying your first home is if you can afford it. Buying a home is no small task and will likely be one of the biggest purchases you will make in your life, so you need to be sure that you can afford the many expenses like:
Work with your financial advisor and sit down with whoever you’re buying the home with (if applicable) to discuss your finances and goals.
What Kind Of Mortgage Do I Need?
There are many different types of mortgages to choose from and an experienced, certified lender can help you find the one that best meets your needs. For example, if you are a veteran you may be eligible for a VA loan. Getting pre-approved for a loan will make the process of finding a loan smoother, since the lender will know that you can afford to pay the loan back.
Where Should We Buy Our Home?
Location is an important factor when buying a home. Not only does it affect your needs such as commute time and services, but the value of the home. There are many house hunting apps and services out there that will help you get an idea of what your desired neighborhood is like in terms of:
- Housing prices
- School districts
- Essential services
Where Will I Find Good Agents?
Finding excellent real estate agents and loan officers to help you find the home of your dreams is easier than you think but it will require some work. A reputable, certified agent is honest, dependable, knowledgeable, and will take into consideration your unique circumstances to help you find the home and loan that is best for you. Do your research and ask around to help you understand agents in your area.
How Long Do I Plan To Live Here & Who Lives With Me?
Your life plans have a big impact on your decision to buy a home so you must ask yourself this important question:
“How long do I plan on living here and do I see a family in my future?”
If you aren’t the type to stay in one place for more than 5 years, buying a home may not be for you since you will be spending a lot of time and money on the place. However, if you are planning on staying for a significant amount of time and plan on raising a family, you can justify the costs. Just remember to be realistic! You may love that home with the luxurious kitchen, but managing your expectations will keep you on budget and closer to your long term goals.
What Kind Of Home Should I Buy?
Are you DIY-savvy and having dreams about a fixer-upper, or someone on a budget eyeing that short sale or foreclosure home? Take care! Unless you’re prepared for unexpected expenses and a lot of time and patience, you may what to find a different home. For example, short sales can take up to a year to process and close since they need lender approval to sell.
Also take into consideration how much maintenance you want to spend on the home. If you’re gone most of the time, then having an older home that requires extra care will put unnecessary stress on you.