5 of the Best First Time Home Buyer Tips
Making that big leap into buying your first home can feel incredibly overwhelming and intimidating. You are making the biggest purchase in your life, signing lengthy contracts that can sound confusing, and committing yourself to home ownership responsibility. Don’t let the process of buying a new home scare you. There are a lot of positive benefits to finally owning your own place (Privacy!!) and working with a trusting sales representative and mortgage broker can help make you feel more confident in your purchase. Read our 5 First Time Buyer Tips below to help ease the stress of buying your first place:
1. Find Your Team: That’s right! Taking the time to research a team that will help you through the entire sales process will help ease the pressures of buying a home. Who should you include on your team? Trusting family members if you like but more importantly, a mortgage broker, lawyer, and sales representative or realtor. Definitely feel free to ‘shop around’ and have meetings with different individuals in each industry until you find the ones that you feel most comfortable with. A lot of the time your sales representative will have a few mortgage brokers or lawyers that he/she recommends. Don’t feel you have to settle with the first person you meet, and when you meet them bring a list of questions such as “Do you focus on helping first-time home owners” or “how long have you been in the industry”. Looking at reviews are also very helpful!
2. Determine what you can afford and stay under that budget. Everyone wants to move into their dream home right away, but sometimes that dream home may not be in your budget. Remember that your first home doesn’t have to be your forever home, but it can include some elements that you would want in a dream home (granite countertops, laminate or hardwood flooring, master bedroom ensuite, etc.). When crunching the numbers of how much you can afford think about a few important items: down payment options, your current debt, approximate monthly housing costs (electricity, water, tv & phone bills, insurance, property taxes), your own living costs (food, car payment, gas), and costs associated with buying a home such as closing costs, lawyer fees, and land transfer taxes. To help you with this it is best to consult a mortgage specialist. They can go over a variety of options with you and help determine what your mortgage pre-approval is!
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3. Create Your Wishlist! This is where it gets more fun! List all of the items you would love to have in your home, and then rank those items in importance from Must-Haves to Would-Be-Nice. For example, you Must-Have an attached garage, a custom mudroom Would-Be-Nice but is not necessary. Or you Must-Have ample closet space, and a room for an office on the main floor Would-Be-Nice but is not a deal breaker. Share your list with your Sales Representative and he/she can inform you with the realistic costs of including those items into your home.
Picture Via MDHomes4Mil.com
4. Visit Different Floor Plans & Showhomes: Go out and walk through a few different floor plans that your home builder builds. Try to imagine yourself living in that space. Is there enough room to entertain, will your current furniture fit, do you like the location of the bathroom, is there enough space for storage. Remember that there are changes that can be made to a show home and that everything you see is not necessarily everything you have to get. Chat with your sales representative and home builder about changes that can be made and remember that colors in a home can always be changed too!
Picture Via Rohit Communities Start Homes
5. Read Through Your Documents: Take the time to read and fully understand everything you are signing. Ask your sales representative or lawyer to explain everything to you and don’t worry about feeling silly asking questions. Your contracts were completed by a human who can make mistakes and you will appear more foolish assuming something was included in your contract that wasn’t when you signed. The more you understand what you are signing, the warranty included in your home, etc., the more confident and excited you will be in owning the keys to your very own house!
Picture Via Life Hacker
For additional tips visit more Rohit Communities Home Buying Tips.
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