Did you recently get married and you now have questions about your first time buying a home?
Well first of all…
We want to say CONGRATULATIONS!
And second of all..
We made this guide JUST FOR YOU!
This guide will provide some tips you need to know for your first time buying a home.
So don’t wait any longer.. the home of your dreams is waiting for you!
Look at Different Types of Homes
During your first time buying a home, you should look at different houses to get an idea of what is on the market. When looking at homes, look at the neighborhood and observe the surroundings.
Does it have new homes or older homes? Two family home or one family homes?
Looking at different types of homes will give you an idea of what you want and don’t want. Decide on what you are looking for so you don’t end up buying something not suited to your tastes. This means you’ll need to do some planning and research. Don’t make the mistake of skipping this step.
Know What You Want
First write down or discuss what is important to you in a home. A home is not something like an appliance that you can bring back to exchange. Knowing what features you want inside and out is important in choosing what is best for you.
Write a List of Features Wanted Inside and Out
Write down a list of what you want in a home so that when you view a home you can go through the list.
- Do you want a dining room?
- Do you want a large or small kitchen?
- Do you want brand new appliances?
- Do you want a living room with fireplace?
- Do you need two or three bathrooms?
- Do you want a finished basement?
- Do you want a patio?
- Do you want a deck?
- Do you want shutters or shade on the windows?
These are the type questions you should think about. What’s important to you and not so important. Do you need a garage or is a driveway for your car’s sufficient? These are all factors that should influence your decision.
Research The Market
After you decide what type of home you want you should begin the research. Research homes online in your area by type and features. Most realtors give information about each house and what it has to offer. This means
- Appliances
- Bathrooms
- Heating and cooling
- Nearby schools
- Size of yard
- Price
- Closet space
- Insulation
- City or rural area
- Taxes
It’s important to test any house you’re interested in purchasing for termites, good plumbing, water leakage in basement, and for gases that might be leaking from materials used to build it. Today, inspections for homes are much more comprehensive and cover many safety issues.
Find A Reputable Agent
Find a good real estate agent that shows you houses that you really want to see. A good real estate agent will show you several houses. They will find houses in your price range.
Realtors are knowledgeable and can help you negotiate a better price or get something fixed before you buy the house. They can discover liens against the property and other problems.
An agent can handle the paperwork and recommend a lawyer to help with the legal aspects needed. Couples should find a real estate agent that they both are comfortable working with.
Check Your Credit History
Check your credit before seriously looking for a home. It’s important to pay off debts and have a good record. Newlyweds should have a good income and a few years of working at a company for approval of a mortgage. Get a credit report and find out your rating and any discrepancies. That way you can resolve the problem before looking.
Apply for A Pre-Approved Mortgage
Getting a pre-approved mortgage with a bank is a good way to know what you can afford and what price range you have to work with. When pre-approved for a loan you can go out and look with confidence. It is a good idea to have some money saved to put down on the house. This helps the lenders and the buyers. It shows you are serious and prepared for the responsibility.
Purchase A Home You Can Afford
Try to purchase a home you can comfortably afford not one that you want to own. Don’t use all the money in your saving as a down payment.
You will need to pay for:
- appliances
- taxes
- insurance
- a lawyer
- real estate agent
It’s expensive and you will need to save some money for a rainy day. Be patient and look at many houses before buying. This will give you a better chance of getting what you want.
Look for Short Sales and Foreclosures
Look for short sales and homes that will be going into foreclosure. Often the owners will sell these properties at lower prices to move them quicker. It often takes longer to get a closing on these homes. In the cases of foreclosures owners don’t have much room to bargain on cost but sometimes will make repairs or pay for closing costs.
Look for the Best Loans
Look for loans through banks, VA administration, or FHA loans backed by Federal Housing Administration. There are many different type of loans and finding the one best for your financial situation is important.
Well we wish you good luck on finding your dream home!
We hope this articles helps you with your first time buying a home.
If you’re married and you already went through the process of buying a home together…
Then give these newlyweds some of YOUR OWN ADVICE!
Share your first time buying a home experience in the comment section!
