I’m a first time home buyer – what should I know?

Buying a home for the first time can be a little scary. It may be the most expensive purchase you ever make. You can make it a lot easier with a little preparation to avoid making mistakes.

Set a budget and stick to it. List all monthly expenses like the grocery, credit card bill, loan payments, medical and dental expenses, and so on. What is left after deducting the monthly expenditures will determine what you’ll have left to pay a monthly mortgage. Do not look at properties you cannot afford.

Get preapproved. Before deciding on a home make sure you get a pre-approval for the amount the bank intends to lend you. Don’t put yourself through the torture of seeing a home you love only to find out you cannot afford to buy it.

Know what you’re getting into. The mortgage is not the only monthly obligation you’ll have. Taxes, insurance, maintenance, repairs, any improvements you want to make. Are all expenses you are likely to incur.

Think ahead. What will your life be like five years from now? Kids? This will help determine the size and condition of a house to buy.

Make sure to inspect the physical condition of the house, and look for any potential damage or construction problems. A good agent will not let you enter into a contract without a provision for a home inspection.

And speaking of agents, if you are serious about buying a home, enlist the help of an experienced real estate agent. They will guide you through the process and make the whole experience a lot less stressful.

I’d be more than happy to discuss this further with you and answer any questions you may have. Just give me a call.

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