Home    Buying your first home: what you need to know

Buying a home is still considered a key aspect of the American dream, as a home is typically an appreciating asset that grows in value over time — an attractive scenario for a savvy investor in real estate who may be willing to take the risk of buying at an inopportune time in order to reap the rewards of waiting it out later when the market recovers. You may also be able to take advantage of down payment assistance or closing cost assistance programs as a first-time buyer. You may still be able to get a mortgage with low credit or a less-than-stellar income as long as you can make a down payment large enough to get approved for the loan amount you need.

What to consider before buying? Your first step is to determine what your long-term goals are and how home ownership fits in with those goals. Are you planning to grow your family in the next year or two and need a bigger house with more bedrooms than you are currently renting? Or maybe you see homeownership as a sign of independence and enjoy the idea of being your own landlord. Narrowing down your big-picture homeownership goals will point you in the right direction. Here are six questions to consider:

 

How’s Your Financial Health-Saving up for a large purchase such as a home takes time and planning and the finances must be in order before you start shopping for a new home. Make sure you will have the necessary financial resources to cover your monthly mortgage payment and other costs involved with buying a home before you make an offer. Before clicking through pages of online listings or falling in love with your dream home, do a serious audit of your finances.

Which Type of Home Will Best Suit Your Needs– Be realistic about what you can afford and what you actually need in a home – the type of amenities you absolutely must have vs. those you can live without or what upgrades you can do, e.g., getting a furnace repair in Oklahoma City, OK, once you have moved in to make it truly feel like “home”. Depending on your homeownership goals, so you need to decide which type of property will help you reach those goals. For instance if the goal of owning a home is to grow a family then a single family home is the best choice; if you’re looking to put down roots in an area and build a community then you may want to consider a multi-unit condo that you can share with other renters in the building and the community as a whole.

 

Who Will Guide You Through the Homebuying Process– It can be very confusing trying to understand the myriad details of the real estate market and the various factors that influence the market value of new homes in your neighborhood. It’s important to do your research and talk to a few different real estate agents to gain a better understanding of the trends in the area you want to buy so you can decide where and when to make your best offer. Once you’ve chosen a home to buy, these professionals can assist you in negotiating the entire purchase process, including making an offer, getting a loan, guiding you in what you can get in property damage claims, and completing paperwork as well as providing information about the local housing market. Experienced real estate agents like those who help you find Lowcountry Real Estate homes for sale may also be able to help you get your financing lined up for your home mortgage right from the start and get pre-approved.

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