Getting ready to buy your very first home? You’re probably feeling excited, anxious, nervous, and maybe even a little bit scared.
Buying a home is one of the biggest investments that you’re ever going to make. It’s why you want to make sure that you find the right home before officially becoming a first-time homeowner.
There are all kinds of first-time homeowner tips that you should keep in mind while you’re working your way through the process. They’ll help you track down a home that you absolutely love at a price that you can afford.
Check out six useful tips that you can put to the test in our first-time homeowner guide below.
1. Start Saving for Your First Home as Early On as You Can
You’re not going to be able to wake up one day and say, “I want to buy my first home!” You’re more than likely going to have to plan for it for at least a year or two before pulling the trigger on purchasing your first home.
This is because you’re going to need to have a nice chunk of change saved up for your first time. More often than not, you’re going to have to be prepared to put down about 20% of the purchase price of your first home to get your hands on a conventional mortgage.
You may be able to get away with putting down less money as a downpayment in some cases. But you could be forced to pay for mortgage insurance each month if you take this approach. So you’ll be much better off, in the long run, saving up for your first home as opposed to taking any shortcuts when doing it.
2. Look for Any Free Grants for First-Time Homeowners That You Can Find
Did you know that there are all kinds of free grants for first-time homeowners that are available these days? Now you do! And now you can try to take advantage of them when buying real estate for the first time.
Most states have programs set up that you can benefit from as a first-time homeowner. You can get access to free money that you can use to purchase your first home.
There may be some strings attached to the grants that you can get through these programs. But it would be worth exploring them to see what they might have to offer to you.
3. Try to Get Preapproved for a Mortgage Prior to Shopping for Your First Home
Before you begin the process of actually shopping for your first home, it’s nice to know what you can afford to pay for a house. You might be able to figure it out by taking a look at your budget. But it would be better for you to get preapproved for a mortgage so that you know exactly how much a lender is going to give you to buy your first home.
You can get preapproved for a mortgage in a matter of just a few days in most cases. It’s easy enough to do and will provide you with some general idea of what your budget will be when looking for your first home.
4. Carefully Consider the Best Location for Your First Home
Even though you’ve never purchased real estate before, you’ve likely heard how important it is to buy a house that’s situated in the best possible location. “Location, location, location” is something you’ll hear early and often in the world of real estate.
You obviously want your first home to look great and to meet all your needs. But if it’s in a bad location, it’s not going to be a good investment on your part.
In a perfect world, you should look for an up-and-coming neighborhood that is close to the amenities that you’ll need when living in your home. This will be the right location for your first home.
5. Make a Long List of the Must-Have Features That You Want From Your First Home
We just mentioned how you’re going to want a first home that meets all your needs. But do you know what those needs are?
It’s smart for first-time homeowners to sit down and create a list of all the things they want out of a home. You should decide:
- How many bedrooms and bathrooms you want your home to have
- What style of home you want to live in
- How much outdoor space you want a home to offer
The more specific you can be when listing the must-have features for your first home, the better your chances of moving into a home that you absolutely love.
6. Avoid Falling in Love With the First Home You Go to See
Many first-time homeowners make the mistake of falling head over heels in love with the very first house they go to look at. They’re ready to put in an offer before they even check out the second floor.
It’s natural to feel this way. But it’s important for you to be as patient as you can be. There are tons of houses out there on the market right now, so don’t feel like you have to make an offer on the first one you walk through.
Walk around in at least a few homes before settling on the one you like best. You don’t want to have any regrets later when it comes to your first home.
Enjoy Every Second of the Experience When Becoming a First-Time Homeowner
You’re only going to get one chance to become a first-time homeowner. So don’t spoil it by making any of the common mistakes that people make when shopping for their first home.
Use the first-time homeowner tips found here to make the most of your experience. It’ll increase your chances of finding the right home in the end.
Would you like to get more great advice for first-time homeowners? Read through some of the other articles on our blog to find it.