Buying a home for the first time can be an extremely stressful event for anyone. There’s hundreds of things to consider from location to interior size, quality of neighborhood to the potential for flooding, pipe freezing, and whether the lower price really makes up for on-street parking on a busy road. However, there are a tips to keep in mind that will make things a little bit easier when considering the purchase of a home for the first time.
A first-time buyer experiences a plethora of benefits once the stress of the search and purchase is finished.
One of the biggest is the sense of freedom; when you own your own home, it’s yours to do with as you please— whether you choose to remodel or build a greenhouse out back or live in it as it is. Other great benefits are financial in nature: you can build excellent credit by making mortgage payments in a timely fashion, deduct mortgage interest on your income tax returns, and build equity as your property value grows. It’s a big responsibility, but being the manager of your own living space is often worth it if one can afford it.
Finding the right agent is an important first step to finding your first house. A few signs that indicate a valuable real estate agent include punctuality, professional dress, positive attitude, up-to-date knowledge of the market, and the ability to explain real estate and the buying process in a comfortable and easy-to-understand way. Do your own extensive research on local agents in your area, using anything from online reviews to anecdotes from friends to find the right one for you.
Finding the right home is often a very time-consuming and frustrating prospect, but here’s a few important points to keep in mind while on the hunt for your perfect pad:
Talk to the neighbors. One of the best ways to know about the problems or benefits to living in a neighborhood is to speak to its current residents and ask about it. Realtors may dodge talking about the likelihood of flooding or the high school garage band across the street, but the neighbors probably won’t.
Check the neighborhood and property’s zoning. Nothing quite spoils the brand new property like a surprise issue with an unknown easement or restrictions popping up. The person who sold the home should tell you about any easements or restrictions or similar issues, but it’s better to be safe than sorry.
Consider your location. If, for instance, you have or plan to have kids, take into consideration the location of nearby schools and relevant bus schedules. You may also feel more secure moving only a few blocks down from a fire station, police station or a hospital, but be ready to hear sirens at random intervals through the morning, day, evening and night if you do.
Ask the sellers everything. Any problems or details of interest, no matter how minor, are relevant to you and your decision to purchase and reside in the home in question. Past termite damage, mouse infestations, and a history of burglaries are all problems that may pop up again once you find yourself comfortably settled in your new home.
Get a home inspection. A home inspection can turn up defects and problems that will allow you to negotiate a lower price while simultaneously, of course, showing you what problems the house has that might need addressing in the near future.
Lastly but very importantly, make sure to research all your costs, from your upfront costs to the closing costs to property taxes to homeowner’s insurance to heating and cooling bills. It’s a good idea to examine the property tax and utility bills of the house for the past year. Put heavy attention on your mortgage. Most banks offer mortgages as well as different programs by which to pay them back. Many banks are more than willing to help you assess exactly how much you will need to borrow to purchase your first home, and mortgage agents and calculators exist for precisely that reason.
All in all, finding your first home can be an ordeal, but the benefits often outweigh the effort required to do a good job. With the right agent, financial plan and knowledge of what to do, you’re on the right track to finding the best home for you!
Angie Picardo is a staff writer for NerdWallet. Her mission is to help consumers stay financially savvy and save money with Nerdwallet's best credit cards.
Finding the right agent is an important first step to finding your first house. A few signs that indicate a valuable real estate agent include punctuality, professional dress, positive attitude, up-to-date knowledge of the market, and the ability to explain real estate and the buying process in a comfortable and easy-to-understand way. Do your own extensive research on local agents in your area, using anything from online reviews to anecdotes from friends to find the right one for you.
Finding the right home is often a very time-consuming and frustrating prospect, but here’s a few important points to keep in mind while on the hunt for your perfect pad:
Talk to the neighbors. One of the best ways to know about the problems or benefits to living in a neighborhood is to speak to its current residents and ask about it. Realtors may dodge talking about the likelihood of flooding or the high school garage band across the street, but the neighbors probably won’t.
Check the neighborhood and property’s zoning. Nothing quite spoils the brand new property like a surprise issue with an unknown easement or restrictions popping up. The person who sold the home should tell you about any easements or restrictions or similar issues, but it’s better to be safe than sorry.
Consider your location. If, for instance, you have or plan to have kids, take into consideration the location of nearby schools and relevant bus schedules. You may also feel more secure moving only a few blocks down from a fire station, police station or a hospital, but be ready to hear sirens at random intervals through the morning, day, evening and night if you do.
Ask the sellers everything. Any problems or details of interest, no matter how minor, are relevant to you and your decision to purchase and reside in the home in question. Past termite damage, mouse infestations, and a history of burglaries are all problems that may pop up again once you find yourself comfortably settled in your new home.
Get a home inspection. A home inspection can turn up defects and problems that will allow you to negotiate a lower price while simultaneously, of course, showing you what problems the house has that might need addressing in the near future.
Lastly but very importantly, make sure to research all your costs, from your upfront costs to the closing costs to property taxes to homeowner’s insurance to heating and cooling bills. It’s a good idea to examine the property tax and utility bills of the house for the past year. Put heavy attention on your mortgage. Most banks offer mortgages as well as different programs by which to pay them back. Many banks are more than willing to help you assess exactly how much you will need to borrow to purchase your first home, and mortgage agents and calculators exist for precisely that reason.
All in all, finding your first home can be an ordeal, but the benefits often outweigh the effort required to do a good job. With the right agent, financial plan and knowledge of what to do, you’re on the right track to finding the best home for you!
Angie Picardo is a staff writer for NerdWallet. Her mission is to help consumers stay financially savvy and save money with Nerdwallet's best credit cards.
No comments:
Post a Comment