5 Real Estate Tips for First Time Home Buyers

5 Real Estate Tips for First Time Home Buyers

Green Door HiDefResize(Photo from Unsplash Photographer Buzac Marius)

 

Buying a home, especially your first home, can be an overwhelming experience (I remember when had to buy my house Dallas TX, good times). But, with interest rates as low as they are, it is almost impossible to avoid making the smart decision of investing in real estate for the commercial property for sale Austin Tx. Home values are on the rise in cities like Colorado Springs. It’s important to keep some things in mind when going through this process. We’re here today with the top 5 real estate tips provided by Hilton Head Island real estate brokers to help make you better prepared for this life changing event!

5. Think About Every Expense First

It’s easy to do the math on a potential home purchase and think, “Wow, only x dollars every month!” But keep in mind, there are a lot of other essential costs that go into home owning. Most notably, the increased cost of utilities. The utilities to power, heat, cool, and water a bigger living space will absolutely cost more than in your apartment. Also, mortgage payments do not just include Principal and Interest payments. That’s what sites like Zillow lead people to believe with their low monthly payment estimates. Your monthly payment will also include property tax, mortgage insurance, and home owners insurance. If you plan on renting some property make sure to check out Sacramento property management, to find the best places to live and have a great management system to help you.

That may sound overwhelming, but don’t be discouraged! You can easily find a house in your budget with these additions. Try out the Realtor.com mortgage calculator¬†for a more accurate monthly payment. It still won’t be 100% accurate. A good rule of thumb for affording your mortgage payment is to not exceed 25% of your monthly¬†income. As always, these rules don’t apply to everyone and be sure to crunch some numbers yourself!

4. Speaking of Finances…

Be sure to have all of your financial paperwork in order. To apply for a loan, you’ll need your tax information from the past two years, a couple months proof of your current income, and bank statements. There may be other documents required after you talk with a lender, but having these forms ready to go will save you a lot of time. Keeping all of those financial records well-organized will not only help you with your home purchase, but it will also serve you well for the rest of your life!

3. Think Long Term

It’s easy to fall in love with a house right away. But, it’s important to think about both your long term needs and the needs of future buyers of your home. Maybe you don’t have kids right now, but if you are in the future, it is important to choose a school district with a good reputation. If you’re not planning on having kids, being in a good school district will appeal to potential buyers of your house years down the road. There are many other factors that go into this decision. The number of bedrooms is a key factor to think about here. Many young buyers want a 2-3 bedroom home. That might be perfect for your family’s needs, but the optimal amount of bedrooms is normally four in the eyes of many potential buyers. In short, don’t worry about the things you can change like paint, carpet, and other aesthetic aspects of a home. Those things are affordable fixes. But you can’t change the number of bedrooms in your house without some serious cash!

2. Check Under the Hood

Much like buying a car, you never want to buy a home without an inspection first. This is a fairly inexpensive procedure and, provided you hire a good inspector, can potentially save you hundreds of thousands on a house with a faulty foundation or other severe and unnoticeable issues. This might seem like an obvious entry in the list, but you’d be surprised how many people still go by the faulty eye test when buying a house. This is the first important lesson of home-owning that will come up again and again: If you’re not qualified to do something, hire a professional and get it done right the first time. A full home inspection is not something to take a DIY approach with. In the Colorado Contract, you will have a time period in which to conduct any inspections, so this is not something you need to do until you found the house you love and have it under contract.

1. Patience

It is very unlikely that you’ll find the house of your dreams in just a day of looking. At Blue Picket Realty, we do everything we can to make the real estate experience easygoing for you. But with so many different housing options, prices, and other interested buyers, it can take some time to find your ideal home. And that is a good thing! You never want to settle for a house you don’t really want. A 30 year mortgage in a “good enough” house will lead to a lot of regret later on. Also, after finding the house, it takes time to get everything finalized between the buyer, the seller, and all of the financial parties involved. It takes time, but the key is to be patient and know that it will all be worth it when you’re settled down in the house you always wanted!

So many factors go into buying a house, but Blue Picket Realty always strives to do the best job possible as a real estate company in Colorado Springs, Denver, and Castle Rock. Thank you all for reading, and we hope you found these top 5 home buying tips helpful. Owning your ideal future takes hard work, but there are few things more satisfying than getting the keys to your new home!

Source: Fredericksburg TX Land For Sale Agency.

Get In Touch With Us