What to Consider When Buying a Home for the First Time

Buying a home for the first time can be intimidating. Avoid taking it as one gigantic process. The most important of first time home buyer tips is this: break it into steps. If any of those steps still seems overwhelming, break that down into steps. There’s a lot to consider when buying a first home. You can’t have a conversation about every element at once, but you can have a lot of conversations that each tackle one piece at a time.

1. Consider the market, and where homes are affordable. This is where your real estate agent is exceptionally valuable. They can give you a top-down perspective on how homes that are equal in other regards differ in terms of value and future value.
2. Save money. No matter how much you need, having that little bit extra can help you breathe easier, get that home that’s closer to your work or a school, or pay more down so you have more favorable loan terms. If something unexpected happens, these extra savings can also help you bridge an emergency.
3. Be clear about the type of home you want. Do you want a home office? A big yard? Do you want to live in town, or have access to nature? Does a garage matter? Break your desires down and prioritize them so you know what’s most important and what you don’t absolutely have to have.
4. Get prequalified for a loan before you seriously look at homes. This helps you know the price range you’ll be able to afford. First time home buyer tips will often skip this, but prequalification gives you a very accurate idea of your financial picture for buying a home.
5. Do the math. You need to make monthly mortgage payments. Make sure you can make these without cutting it close. Know what closing costs you might owe, what insurance and taxes will cost, and if there’s any homeowners association fee.
6. Have the home inspected. If you’re serious about a home, an inspector can reveal just how good a shape it’s in.
7. Take into account energy costs. Buying a home for the first time can make you overlook factors like this, but an energy efficient home can save you hundreds a year on your cooling and heating bills. That adds up quickly, and can help you start a college fund, vacation fund, emergency account, or invest more.
8. Be real about the repairs and maintenance needed on the home. These can add up quickly. A home in good shape that’s a little extra could ultimately be more affordable than a home that’s less expensive but needs extensive work.

Contact the team at Synergy Homes to learn more!