There’s possibly no more monumental event in a person’s life than when they buy their very first home. Homeownership is the very cornerstone of our idea of the American Dream, and the first time a buyer steps into the waters of ownership is certainly one to remember.
That being said, purchasing one’s first home can be a whirlwind of challenges as well. As it is one’s first time, there’s a lot to learn, many mistakes to avoid, and work to be done. The first-time homebuyer might need some tips, tricks, and general advice to ensure they make it through the process in one piece.
What should you be keeping an eye out for when looking into the housing market for the very first time? What do you need to remember?
Read on and we’ll walk you through what you need to know.
Establish a Positive Buyer Profile
Purchasing your first home is a huge step towards sustainable adulthood. However, in order to make this big step, you’ll need to balance a whole lot of adult responsibility.
Purchasing a home means taking out a mortgage, and taking out a mortgage means applying for one with a bank. If you’re well-versed in how all this works, you might be able to guess where we’re headed before we get there: you might need to be worried about getting approved.
The bank, at the end of the day, is going to be the entity that gets to decide if you’ll get the house of your dreams at the end of the day. They will be the ones putting a good amount of the money up, and they’ll thus have the power to approve or deny your requests for financial assistance.
To ensure your home-buying process runs as smoothly as possible, you’ll want to make yourself as attractive to the banks as possible before even starting to look at homes.
This can take some time, so starting this process as soon as you can is advantageous. The main thing you’ll want to focus on is your credit score. The higher the credit score you have, the better chance you’ll have at getting approved.
Paying off all of your debt before going house hunting is a smart idea. A bank might not agree to take on your mortgage if you already have existing debt. This will make it seem like you might have difficulty paying your home payments.
You’ll want your credit score at least as high as 620 if you want to be able to take a conventional mortgage out. You might be able to get a better deal, even, with a better credit score.
Visit Homes and Look Closely
Once you feel like you’re in a position to be able to lock down a house should you come across one you love, you’re finally ready to start the true process. Yes, that means you can start digging into listings in the neighborhoods you are interested in.
That means you can start visiting houses and hope to land your ideal first home. There’s still a lot to remember going into this process. First, remember to be realistic. There’s no such thing as a perfect home, and you’re likely going to need to compromise on some elements in order to get what you want out of others.
Managing your expectations when going into the process can help keep you realistic and ensure you don’t turn down a perfectly good home while waiting for something that doesn’t exist.
When you go to visit a potential home, bring a checklist with you and take notes. What does the home have to offer and what are the potential drawbacks? Make sure to ask as many questions as possible.
If the owners are there, ask about their experiences in the home and neighborhood in general. Look closely at all appliances and keep an eye out for any potential problems.
If you do think you’ve found a house you love, take the time to drive around the neighborhood itself and find out if you like the area as much as you like the home.
If you’re having trouble finding the right home, you can always turn to a home buying consultant who can help put you on the proper path. A local realtor is going to know the housing market much better than you would alone.
While your perusal of a home might be valuable, you’re no expert. If you really think you’ve found a home you love, you can move forward with the buying process, but you’ll want to bring a professional home inspector in.
A home inspection is a necessary part of the home buying process. An inspector will be able to point out to you any and all concerns you might need to be aware of when looking into a home.
They can point out things that will need to be repaired before you move in, things that might cause issues near in the future, and even offer suggestions for how to better your experience in the home.
An inspection can give you the peace of mind you need to move into a home and look forward to the comfort and stability ahead.
First-Time Homebuyer Tips to Remember
If you’re a first-time homebuyer about to embark on the hunt for your very first property, there’s a lot to learn and get familiar with. The above are just a few of the essential tips and tricks you might want to internalize before you start looking at listings.
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