Top 7 Things First Time Homebuyer's Need to Take into Consideration 1.
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To own a home requires more than just the purchase price. Apart from the funds required for the down payment at closing, additional costs should also be kept in mind such as the home inspection fees, interest rates, and property taxes. These are all costs that should be considered when purchasing your first home. You shouldn’t buy a home based solely on emotions. Homebuyers should ensure that their job is secure, and they can easily qualify for the monthly house payment, and that the purchase makes sense logically as well as emotionally. It’s a great idea to get pre-approved for a home purchase by a qualified mortgage lender before starting the process. Getting pre-approved will help in three ways: You’ll be looking at homes that you can actually afford to purchase, you’ll be looking at homes within the right price range, and when you find the one you like your offer will have a higher likelihood of being accepted by the seller.
When deciding upon a new home purchase, it is a good idea to consider any home improvements or repairs that might need to be done in addition to the purchase of the home. You will want to make sure that you can afford the necessary cost of repairs or improvements in addition to the monthly mortgage payment. There are several factors that you should consider when making a decision to buy your first home. You should consider the re-sale value if you decide to eventually sell the home. Factors
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that could impact the resale value of your home are: location, proximity to schools, proximity to shopping & restaurants, and the value of similar homes in the area. With any large purchase including a new home it is important to do your homework before submitting an offer. Consult your realtor and make sure the price is in line with the value of other similar homes in the area. You may want to talk with or meet your neighbors to make sure you know about the neighborhood. The final step before purchasing your new home will be to do a final walk through with your realtor to make sure everything looks good and that any repairs promised by the seller have been made.
There are a variety of special programs available for first time homebuyers. These programs exist to help you with the purchase of your first home. Some Mortgage Loan Programs offer lower rates, down payment assistance, and tax incentives that can be very attractive.
Source: https://medium.com/@communitylendinggroup2727/top-7-things-first-time-homebuyersneed-to-take-into-consideration-bb2b789768ab