Springtime is here time to start hunting for a new home. Whether you are looking for a single family home, condo, townhouse, or high rise apartment. The important thing is to match the personality of your home, with the personality of you as the homeowner. Whether you are looking for a fixer upper or a move in ready home, it all depends on what fits your needs on the market. The important thing to remember at this time in the real estate market, is that mortgage rates are very low, so instead of rushing into the home of your dreams get educated, and weigh all of your options before making the biggest purchase of your life.” The task of buying a new home can be daunting and full of surprises. You may work with a Realtor, or do most of your searching online, and sometimes by referrals or a mix of all three options. The exciting moments of buying a new home are all of the possibilities that a new home has to offer, for you and your family. You have to go into home buying with an open mind. You may want to have the house of your dreams for your first home. However if you are able to purchase a home with most things from your wish list, that is setting yourself up for a more realistic purchase.
Main concerns for new home buyers are as follows:
- Location: City vs. Suburbs, proximity to work or school
- Cost: Within your ideal budget or above, for closure or short sale, closing costs,
- Neighborhood: Safe for children, family friendly, close to a good school district
- Features outside of the home: garage (one or two car), landscaping, side walks, access to parks
5 tips for the first time home buyer
- Take your time: In lieu of the real estate market having low mortgage payments, do not rush into buying a new home. You have to take your time with the housing search. What you may see online, may be somewhat different when you go to tour the home in person, speak with Realtor’s and other home owners to get advice on buying homes in foreclosure or short sale.
- Check your credit score: Checking your credit score can be the most crucial part of home ownership. Your credit score can determine if you qualify for a loan to buy the house. Checking your credit score in advance before buying home is important to become a successful home own
- Home Inspection: If you are putting an offer in to buy a home, make it subject to home inspection that way the seller may not be so quick to offer the house to other buyers. Whether the home is a fixer upper or move in ready home inspection is a very important step to home ownership. Also, make sure that you accompany the inspector for the home inspection.
- Be ready to negotiate: The first offer that the house is going for may or may not be the final offer for the seller. Be sure to inquire about closing costs, Home Owners Association fees (HOA), if this is a home in foreclosure, any extra costs for renovations and upkeep, and how long as the home that you have been interested in been on the market? All these are key questions for the first time home owner.
- Give yourself time to unpack: If you are moving to a new location or relocating to a different state, it is very important to give yourself time to settle down and unpack in your new home. Sometimes new home owners do not take the time to unpack. Also, taking time to unpack helps with viewing the things that you have brought into your new home that you may want to keep or donate, so that you can have a fresh start in your new place.
Closing costs: The expenses, over and above the price of the property that buyers and sellers normally incur to complete a real estate transaction.
Foreclosure: A situation in which a homeowner is unable to make principal and/or interest payments on his or her mortgage, so the lender, be it a bank or a building society, can seize and sell the property as stipulated in the terms of the mortgage contract.
Short Sale: A home that is listed for sale at a price lower than the amount in the mortgage.
If you have any questions or comments about first time home ownership feel free to comment