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6 Tips for First Time Home Buyers

Buying your first home can seem like a daunting process. From mortgage rates to taxes to closing costs, there’s certainly a lot to consider.

And because your new home will likely be the biggest liability of your life, it’s crucial that you educate yourself about the process before you get started.

The more you know about the home buying process, the more likely you’ll be to get the home of your dreams at a price you can afford.

1) Know what you want.

When purchasing a residential property, you’ll have several options to consider. These include traditional single-family homes, condos, townhouses, and more.

Each type of property has its benefits and drawbacks, so before you move forward in the home buying process, make sure you know which property type will best suit your needs.

2) Know where you want.

Just like properties have their pros and cons, so do neighborhoods. Before you start checking out homes, decide where you want to live and focus your efforts on that area.

Check out the walk score on WalkScore.com. There ​you will be able to see how walkable the neighborhood is and get the inside scoop on local amenities.

​Check to see if there are grocery stores, gas stations, and entertainment nearby. If not, that's okay, just be sure that's what you want in your future home.

3) Do your research.

Get online and check the selling prices of comparable properties in the area you’re interested in. Sites like Trulia, Zillow, and Realtor.com can help you get an idea of what you should expect to pay.

This is going to help set expectation before you begin shopping for a home and can save you some disappointment down the road. ​

4) Find out what you can afford.

Use an online mortgage calculator to see what your monthly mortgage payments would be if you bought a home today. While these are just estimates you'll at least know the ball park you'll be looking in. 

But, for a more accurate ​report, just speak with a mortgage lender or broker so they can get you a pre-qualification letter

5) Look at total monthly cost.

Mortgage payments are only part of equation. Before you buy, you’ll want to figure out what your total monthly housing cost will be. This including homeowner’s insurance, taxes, utilities, and maintenance or upkeep costs.

You should be able to get a rough idea of all of these costs by doing a quick search online.

6) Figure out closing cost.

It’s important not to overlook the upfront cost of settling on your home. Closing costs include lender origination fees, taxes, title and settlement fees, as well as prepaid items like homeowner association fees and insurance.

Depending on how the deal is structure these costs can be between 2-5% of the purchase price. Now, some of these fees can and cannot be wrapped into your mortgage so you'll want to be sure to ​talk to your lender before deciding on what property to buy.

Those are my 6 tips to get started on purchasing your first home but, if you're seriously considering buying, you probably have a lot of unanswered questions or concerned. If that's the case, don't worry, I'm just one phone call or appointment away.

Call my office at 425-205-0791 or schedule your own appointment on my website - you can even cancel if you need to.


BE ON TOP OF YOUR REAL ESTATE GAME



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