Buying a home for the first time is one of the most exciting life events imaginable. After all, it’s a huge purchase and it is likely to be the place where you spend most of your time for many years to come.
Unfortunately, the people who want nothing more than to help you on this journey can often be a hindrance. Parents, friends, and coworkers will offer you advice that they believe will help you, but may not be applicable to your situation.
For this reason, we have compiled some of the best tips for the first-time homebuyer. If you still have questions after reading our guide, reach out to an experienced mortgage professional today. These experts in the field can help you find the best home for you and your family.
Make a Considerable Down Payment
You’ll often hear the number 20% being referenced as the magic amount for a house down payment. While a 20% down payment is ideal, it may not be realistic for every buyer. The important thing is that you save as much as you can in order to make a big down payment on your home. This will help you significantly in the long run. You’ll be amazed by the thousands of dollars you can keep in your bank account years down the line by making a big payment now.
Buy What You Need, Not What You Want
Plenty of TV shows and movies perpetuate the misguided belief that people can buy beautiful homes that look like the ones they’ve seen in their dreams. While you don’t need to completely abandon the idea of your dream home, you should be realistic. It’s much more important that you have a home that fills all of your needs before you even consider your wants. There will likely be time down the road to make changes to your home or move into a new home that covers all of the features you’ve dreamt about. But for your first house, focus mainly on what you need in a home.
Have Your Home Inspected
It can seem like an unnecessary cost, but you need to have your home thoroughly inspected. There could be issues that the previous owner didn’t disclose or didn’t even know about which could lead to devastating consequences. As with many things dealing with homebuying, it’s better to pay a little more up front than to have to pay WAY more later on.
Partner with a Mortgage Expert
Mortgage professionals are invaluable resources for the first-time homebuyer. There’s no way of knowing all of the ins and outs particular to the homebuying process, unless you’ve done it before. Experienced mortgage professionals have helped with many different home purchases over the years and can assist you in purchasing a home that will fulfill all of your needs.
If you have questions or concerns about the homebuying process, don’t wait! Call a mortgage expert today for a consultation. These professionals in the field, like the ones at Rex Homes will put your mind at ease and before you know it, you’ll be sitting in your new home.