Home Buying the First Time

Buying a home for the first time is an exciting, but also intimidating experience. First time home buyers may have ideas about the type, style, size, features and location of their new living space, but some of the most important decisions pertain to the financial side of a home purchase. After all, buying a house is the biggest purchase most people make in their lifetimes. Making poor financial decisions during the buying process can result in years of fiscal turmoil, and it can be detrimental to your credit score. Before you start browsing for properties, we here at PaydayLoansCashAdvance recommend you glance at these fist-time home buying tips to take the right steps toward a healthy financial future.

Affordability

Many first time home buyers have specific preferences regarding their choice in homes. For buyers on a budget, maintaining affordability may mean sacrificing the location, size or condition of the home. Instead of finding a dream home first – only to have it turn into a financial nightmare, start your home buying process by determining exactly how much you are able to afford. Take into account how long your mortgage terms will be (15-year and 30-year loans are the norm), as well as how much money you will need left over each month to pay for other debts, living expenses, and the taxes and insurance premiums for your new house. It is also a good idea to leave enough wiggle room in your budget to save money for any repairs or maintenance expenses that may arise following your new purchase.

Start Your Search

The most exciting part of buying a home is finding the right one. Although you could attempt this process on your own, as a first time home buyer, it is wise to rely on the assistance of a licensed real estate agent who works on your behalf to find a property that meets your standards and budget. Realtors assist first time home buyers with finding a home, placing an offer on the property, drawing up contract terms, initializing inspections, and answering questions throughout the buying process. Even more importantly, a real estate agent is a beneficial asset when the time comes to negotiate the price of your new home.

Secure Financing

Once you have found the right house, you must secure financing through a mortgage lender or bank. The lender you choose should have an excellent reputation and should also be upfront about costs and fees. Make sure that you are receiving a fair interest rate and terms that meet your needs. If possible, try to secure a pre-approval from your lender before searching for a new home, as this lets sellers and their realtors know that you are serious when the time comes to make an offer.

Make It Official

When you have found the home of your dreams, you can sweep it off the market by making an offer that is accepted by the buyer. You may wish to purchase the home at full asking price, or your realtor may recommend offering a lower price instead. It is reasonable to expect sellers to counter an offer. These types of negotiations can go on for days, until an agreement is reached that pleases both the buyer and seller.

Inspection

All first time home buyers should order an inspection on the property they intend to purchase. Even the most beautiful homes can hide structural defects, water damage and even termite infestations. All of these factors could cost tens of thousands of dollars in repairs – all at the cost of new owners. To avoid such a calamity, pay for the inspection and let sellers know that your offer to buy their home is contingent upon the results of the home inspection.

Remember that the entire home selection and purchasing process can take months. Although many first time homeowners are anxious to expedite this process, it is important not to rush it. Instead, take care to carefully select your home, ensure it fits your long-term budget and make certain it is satisfactory to your quality standards. By following these simple first-time home buying tips, you will not only save money on your home purchase, but you will also ensure your mortgage never becomes more than you can handle.

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