So your ready to buy your first home. Now what?
We’ve researched the best tips to make your home buying experience a pleasant one.
1. PAY YOUR BILLS ON TIME! MAKE SURE YOU HAVE GREAT CREDIT
The last thing you want to do is have a horrible credit score due to late payments or lack of paying bills. You must keep your credit score in good standing. You want to be APPROVED for your mortgage.
2. GET PRE APPROVED
2. Do you have student loans?
Student loan debt can crucify you on a loan application. If you can pay it off quickly that would be amazing but if you can’t whats most important is your monthly payment not the entire loan amount, maybe you could look into refinancing your loan to make lower monthly payments.
2. SIT BACK AND THINK ABOUT YOUR REALISTIC HOME
It would be beyond amazing to buy that multimillion dollar mansion in Golden Beach, FL on the water redone by the most amazing interior designer. But for right now that’s not so realistic. If it is than go for it, but if you’ve just got out of college and are working for your first starter home or looking for the best home to raise your family than think of those things.
3. MAKE A LIST OF WHAT’S MOST IMPORTANT TO YOU
Is your childs school close by something that is a deal breaker? Are you a batchelor or bachelorette looking to live in an area close to work where you would like to meet people. Those things matter you want to be happy in your home.
4. Buy the right home for you and your wallet
Your home has value, it will be one of the most important purchases in your lifetime. You don’t have to buy the most expensive home on the block or the least expensive. Look at what you need, how many bedrooms, bathrooms. Do you like open concept living, do you like more private spaces, are you a DIYer, or do you need to have extra money for things you would like to update
5. Buying a Smart Investment
The earlier in life you buy a property you are able to afford the better. You will be locked into a low monthly payment you can afford now in your life and are able to pay over the next 30 years. Remember, the most important criteria for purchasing a home. If you feel like you are growing out of your first home and are able to continue making the monthly payments you may be able to rent it out and have residual income for years to come.
6. Start saving for your Down Payment
The more money you put down the less you’ll pay monthly keeping in mind that the You want to put down as close to 20% as possible of the purchase price while the interest rates are so low.