There is nothing quite as exciting as buying your first home. Each year, over 2 million Americans buy a home for the first time. While this can be a long and sometimes stressful process, it is worth the aggravation.
Most people want to wait until they have all of their proverbial ducks in a row before venturing out to buy a home. Finding a great deal on a quality home will be an achievable goal if you work with a knowledgeable real estate agent. Here are some signs you will probably notice when you are ready to buy a new home.
Many adults dream of starting a family one day. If you and your significant other are entering this phase of your life, having a home to start a family in is crucial. Renting a residence is not only expensive, it can also result in you being without a place to live should the owner sell the home. Instead of living with this type of uncertainty, you need to consider the benefits of buying a home.
The key to getting a great return on your investment in a home is staying put for a few years. This is why you need to make sure the home purchased is the right fit for your needs. Getting a home that is a bit bigger than you actually need provides you with the opportunity to grow your family over time. Making a list of the needs your new home should meet is a great way to narrow down the selection of properties in your area.
One of the most difficult parts of buying a home for the first time is getting approved for a mortgage. The lenders who provide these mortgages will look at things like your credit score and debt to income ratio before approving your application. If you are looking for a way to make the loan approval process easier, then saving up a down payment is crucial.
Generally, lenders will want first time home buyers to have a down payment that is equal to 20% of the home’s total value. Saving a large down payment will be difficult unless you have a budget in place. As time goes by, saving money will become second nature. Working with a financial advisor is crucial when trying to figure out where you can cut corners.
Having common knowledge of things like plumbing, roofing and HVAC systems is crucial for new homeowners. A new home requires lots of maintenance over time. If you are comfortable with doing things like changing HVAC filters, mowing grass or taking on small home improvement projects, it may be time to invest in a residence of your own.
Are you ready to take on the responsibility of owning a home? If so, contact Integrity Homes and let us help you find the right residence.