Growing up my family moved a lot. 3-5 times a year. We always knew not to get to attached to a house because soon enough we would be moving. I didn’t want that for my kids. I wanted them to have a home that would be permanent or at least semi-permanent. A home that they could grow up in.
When my husband and I found out that we were pregnant with Little Man is when we decided to buy our current home. It was a roller coaster. We were first time home buyers who had no clue what we were doing. Here are 5 tips to help you navigate the waters of home buying.
Know what to expect
Fees & Costs: Buying a home isn’t just about the purchase price. You also have to include interest, taxes and insurance. But you should also take in account the smaller things. Are you moving farther from your job? Are your utility bills going to go up? Is the cost of living higher in the new area? All these things seem small but they will affect your budget.
Before you start looking for homes make sure you are on a stable foundation financial wise. Pay off your debts and credit cards. You should have at least 3 months worth of expenses saved in your emergency fund.
On top of that you should also have at least 20% of your home price saved as a down payment.
Finding a Mortgage
I would suggest getting a 15 year fixed rate mortgage. It will save you a big chunk of interest. Not to mention 30 years is a long time to be paying on a house.
Find an agent
You’re going to need someone who knows what they are doing to walk you through the process. Someone that can be there for you to answer any questions you have throughout the process. An agent that will help make sure you get a good deal. Your agent should be someone you trust. This is one of the biggest if not the biggest purchase you will ever make.
How do you know who to hire, though? That’s where Upnest comes into play. They take the guess work out and let you compare agents. It’s pretty simple. You tell them how much you want to spend, where you’re looking to buy, and what your price range is. Then they find agents that fit those qualifications. You get to view profiles and read all about the agents until you find one that fits what you’re looking for, and there’s no obligation.
Get to know the neighbours
I’m not joking get to know the community. You don’t want to buy a house in a community you’re going to end up hating, or even a home where you have neighbours straight out of a nightmare.
Never skip the homes inspection. Sellers point out the best qualities in the home, not the worst. You need an unbiased person to come in and tell you exactly what you are getting into. You don’t want to purchase a home, move in, and then BAM you have a big problem.
Most sellers are willing to either fix issues before closing or knock off the repair costs from the selling price, but if you don’t know there is a problem you can’t negotiate a fix. If a seller is pushing for an early close before an inspection RUN! Don’t do it.
What tips would you give for a first time home buyer?