Make Buying Your First Home Less Stressful With These Tips for First Time Home Buyers Part 1
While purchasing a home can be a very stressful experience for a first time home buyer, as it is likely the largest purchase you will make in your life, here are some wonderful home buying tips for making it less complex and more smoother.
Attend as many open houses as you can.
Use this opportunity to check out the neighborhood, schools, local shops and people as well as your potential neighbors. During the open house, look closely at the home’s exterior and interior structure, see if you notice any smells or stains or major repairs needing done. Ask numerous questions about the home, when it was built, how old appliances are and what years different major home improvement projects were done, how old the AC and furnace are, look into the attic and garage too.
Figure out how much home you can afford.
First, be sure you know what is actually within your budget and price range. You can use any home affordability calculator free online to see how much home you can buy that is affordable for you.
Choose the right neighborhood.
Find the right neighborhood; it is just as important as choosing the right home. Research the local school systems, (even if you don’t have kids yet), since that affects your home’s value. Check out local safety and crime stats. What proximity are you from the local hospital, grocery stores, restaurants and other amenities you may use? You may also drive through the neighborhood on different days as well and at different times to see activity and noise levels.
Determine what type of property to purchase.
You may assume you’ll buy a single-family home, and that could be ideal if you want a large lot or a lot of room. But if you’re willing to sacrifice space for less maintenance and extra amenities, and you don’t mind paying a homeowners association fee, a condo or townhome could be a better fit.
Save for a down payment early.
While it is common to put 20% down, numerous lenders now allow much less, especially for first time home buyers, and there are many programs for first timers too, some allowing as little as 3% down. Realize however that putting down less than 20% may mean higher costs.