Going through the process of buying a home is a major milestone that many young adults try to cross off of their list. It is an exciting time of looking at listings, going to open houses, and brainstorming about how you will decorate and furnish your new home. However, many beginners do have tales of regretful first time home-buying mistakes. With this guide, we’ll give you the tools that you need as you being your home buying journey.
What can you really afford?
Have you started saving for a down payment? It’s wise to start looking for homes once you can afford a 20% down payment, as lenders usually like to see that before they will give you a loan. Don’t have a 20% down payment saved? There are also a bunch of low down payment loans available, including government-backed FHA loans that only require a 3.5% down payment. You should be looking at homes that are two to three times your annual income. This helps ensure that you can afford your mortgage commitment.
Make a list of cities that you would like to live in, and visit them at different times of the day in order to get a better feel for them. Where you live will become your new community. You will want to make sure that the community offers you the kind of lifestyle that you desire. Make another list of which features you definitely want the home to have, and which ones would be nice, but aren’t deal breakers. Start looking at listings and attending open houses.
Are you ready to take the leap?
Contact a professional local realtors at Art Anderson Realty. We will be your trusted ally throughout the buying process. Let us help your dream become a reality!