Real Estate

What You Need to Know as a First Time Homebuyer

It’s easy to get swept up in the excitement of buying your first home. The process if filled with emotion and first-time homebuyers don’t really know what to expect from the process. 

For many people, this home will be the one they will stay in for the rest of their lives. So, while some things are out of your control, it’s important to do everything in your power to make sure you select a good home for you and your family. 

In this guide, we have compiled some of the best tips for first time homebuyers. This list will serve as a starting point for you on your homebuying journey, but if you find you need more help along the way, mortgage professionals are ready and willing to lend you a hand!

Save for Your Down Payment

In most cases, you’ll want to attempt to make a down payment of at least 20% of your home’s value. This may vary depending on your individual circumstances, however the 20% rule is fairly standard advice. 

Whether you’re thinking of buying a home in ten years, or in the next few months, it’s important that you start saving now. Don’t wait until it’s too late to set aside money for your home. By that time, things could have changed drastically and you could find yourself in a very difficult situation as you attempt to purchase your home.

Have a Good Picture of What you Need in a Home

The homes of celebrities and the wealthy have given us a skewed view of what we need in a home. Granted, it would be nice to have some of the features we see in beautiful mansions. But it’s unlikely that most of us will be able to afford homes that have multiple pools, basketball courts, etc.

Clearly defining what you absolutely need in your home is a must. You should think about future considerations such as the school district for your children and if your home will have enough room to accommodate your entire family.

Have Your Home Inspected

When you are touring potential homes and narrowing down your list of possibilities to just one home (or a few), you’ll want to have the house inspected. This can seem like an extra, unnecessary expense, but the home inspection is critical to ensure that you do not purchase a home that has unforeseen and potentially devastating problems. Sooner or later, those issues could cost you much more than the home inspection would have in the first place.

Enlist the Help of a Mortgage Professional

While you can technically do virtually everything in the homebuying process on your own, you should strongly consider partnering with a mortgage expert. These professionals will advise you on your best steps and will guide you every step of the way to make sure you don’t end up in a home you’ll regret years down the road. Additionally, the professionals at Rex Homes have provided a helpful guide on their website here:

Are you ready to start the home buying process? Call a mortgage professional today!

Author Since: Mar 17, 2019

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