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First-time homebuyers are often overwhelmed when it comes to all the decisions that need to be made as to whether buying a home is the best decision for them. Let our knowledge and experience guide you through this time of mixed emotions.
Getting your paperwork in order is the first step, and you should also do your research to get as much information as you can from the resources available to you. This will ensure that you make an informed decision.
The reason for buying a house is the number one question to ask yourself. Wanting a home is not as important a reason as needing a home for an expanding family. Buying a home is a long-term commitment, so don’t buy unless you plan to be there for five years or more. If you’re away from home frequently or plan to move again within the next two to five years, renting may be a better option.
The biggest consideration is your financial commitment. Some lenders offer zero to five percent offers, so you can put down a small amount or nothing at all. If you have to make a deposit, make sure you can. Also remember that you will need to have the monthly cash flow to pay your current bills as well as the extra mortgage payment. Your mortgage must be less than one-third of your monthly gross income.
By deducting mortgage interest, insurance, and property tax, you may be able to get a tax break. A tax accountant will be able to advise you on how you can benefit from buying a home.
Don’t be afraid to ask lots of questions and follow your instincts. Don’t let a real estate agent pressure you into buying a home until you’re satisfied it’s the right thing to do. Even if you like a home but aren’t sure, ask for a rental option that lets you get to know the area first before you buy.
Keeping a home purchase file will help you keep all of your information in one place. This file should contain pay stubs, debt payment information, a contact list of all real estate agents and attorneys, tax returns, and a purchase contract if you have already submitted an offer to purchase.
Gather all the real estate listing sheets for the properties you are interested in. Other important documents include insurance information and inspection reports. Even if you buy a condo, be sure to get an inspection, as an inspector can spot hidden issues, such as fundamental and structural problems that are hidden from the untrained eye. You could save thousands just by doing this inspection. While condos are covered by umbrella insurance, it usually only covers the external structure, so you still need to get insurance for the internal structure and personal contents.
First-time homebuyers can request pre-approval for a mortgage loan by submitting an application along with supporting documentation. Once you have a prequalification letter, you will have the power to negotiate when submitting a purchase offer.