Are you a first-time homebuyer and have no clue where to start? Well, we are here to help with 3 top tips for first-time homebuyers!
1) Figure out your first-time homebuyer budget
Calculate your monthly costs and a new home budget. Consider ALL expenses when calculating your budget. Factor in the cost of property taxes, utilities, upgrades and special assessments. Even a longer commute can add extra costs to your monthly budget. Meet with a lender to get pre-approved for an amount that is within your budget. Now is the time that you will figure out how much you will need for a down payment, closing costs, and any other fees.
2) Make a list of your must-haves
Before meeting with a Realtor, create a list of your must-have items that you would like in your new home. Your must-have list can be very long, if you are too specific with some items, narrow down your list to your top 5 must-haves. Keep in mind that some items such as paint colors can easily be changed out. Focus on items that are harder to change in a room such as room size. Some ideas are:
- How many bedrooms and bathrooms?
- Are you looking for a new construction home or a pre-existing home?
- If you’re looking for pre-existing, are you willing to replace and update items yourself?
- Does the home come with appliances or do you have to supply them?
- Do you want a yard that is already complete with a deck and fence?
3) Learn about the neighborhood
Research what location you would like to live in. Are there renters near by? How are the schools for young or future children? Are there any areas for future apartments that may pop-up? How close is the neighborhood to your job? These are all great questions to ask yourself when considering a neighborhood.
As a first-time homebuyer, there are a lot of details to consider, just remember don’t buy more than you can afford!