Great Tips for First Time Home Buyers
We've
talked many times in this space about the overall process of buying a
home. Summing up the process can give our readers a sense of comfort,
but it doesn't mitigate the fact that the challenge of buying
a home for the first time
can seem so daunting that it's tempting to either just go with the
first house that falls in your price range or continue to rent. We
know that! So this time, we wanted to dig a little deeper, to help
you demystify the process from the very beginning and get the most
out of the purchase.
The first thing you'll want to determine
is your long-term goal. Look at the overall picture. Then look at how
home ownership fits in with those plans. Some people are simply
looking to transform all those "wasted" rent payments into
mortgage payments that actually give them something tangible. Others
see home ownership as a sign of their independence and enjoy the idea
of being their own landlord. Narrowing down your big-picture home
ownership goals will point you in the right direction. Ask yourself
these questions:
What type of home
will best suit your needs?
You have
several options when purchasing a residential property: a traditional
single-family home, a townhouse, a condo, or a multi-family building
with two to four units. You can save on the purchase price in any
category by choosing a fixer-upper, although the amount of time,
sweat equity, and money involved to turn a fixer-upper into your
dream home might be much more than you bargained for.
What features will
your ideal home have?
Stay
flexible with this
list. At the same time, though, realize that this may well be the
biggest purchase of your life, and you deserve to have that purchase
fit both your needs and wants as closely as possible. Include basic
desires, like neighborhood and size, then go all the way down to
smaller details like bathroom layout and a kitchen that comes with
trust-worthy appliances.
How much mortgage
do you qualify for?
Before you
start shopping, it's important to get an idea of how much a lender
will actually be willing to give you to purchase your first home. You
may think you can afford a $300,000 home, but lenders may think
you're only good for $200,000 depending on factors like how much
other debt you have, your monthly income, and how long you've been at
your current job.
How much home can
you actually afford? Sometimes,
though, a bank will give you a loan for more house than you really
want to buy. Look carefully at the house's total cost, not just the
monthly payment. The monthly payment is important, along with how
much down payment you can afford, how high the property taxes are in
your chosen neighborhood, how much insurance will cost, how much you
anticipate spending to maintain or improve the house, and how much
your closing costs will be.
Who will help you
find a home and guide you through the purchase?
A
Realtor will help you locate homes that meet your needs and are in
your price range, then take you to view those homes. Once you've
chosen a home to buy, we can assist you in negotiating the entire
purchase process, including making an offer, getting a loan, and
completing paperwork. Our expertise can protect you from any pitfalls
you might encounter during the process.
Emcee
Arah - "the REALTOR with Architectural Dimension" – is
both a Certified Distress Property Expert (CDPE) and a Certified
Investor Agent Specialist (CIAS). He is uniquely equipped to assist
you in navigating the residential real estate market in DC and the
Maryland suburbs. Contact
us online
or by
phone at (301) 452-5252. And don't forget to leave your comments
below or on our
Facebook page
– we'd love to hear from you!