First Time Home Buyers Wake Village

Dated: 08/14/2017

Views: 420

If you are ready to buy your first home, check out the house included and some of the tips I have listed below. If you have any questions, don't hesitate to contact my office.


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1. START SAVING RIGHT AWAY

The earlier you start saving for that down payment, the easier it gets.

If you want to avoid paying private mortgage insurance, or PMI, in most cases you need to save up at least 20% of your future home’s value to use as a down payment. Even if you aren’t ready to buy in the foreseeable future, you can put yourself in a better position by stashing $50 or $100 per month into a new home fund. The bottom line being… The SOONER YOU START, THE BETTER.

2. Don’t Rush Things

There are lots of factors to consider when buying a home, and you can often benefit by searching in different areas and neighborhoods before you pull the trigger on buying your first home.

3. Build Your Emergency Fund

When you’re a first-time home buyer, it’s easy to be shocked by the many “extras” that appear in your monthly budget. Things that didn’t exist before–like larger utility bills, home repairs, and lawn maintenance–start adding up and making a huge difference in your bottom line.

4. Price-Shop for a Mortgage

The easiest way toget the best mortgage ratesis to shop around as much as you can. Saving just a half a percentage point on an average-priced home could lead to tens of thousands of dollars in savings over the years.

5. Pay Attention During the Home Inspection

During the home inspection process, PAY ATTENTION, ask questions, take notes, research things for yourself.

The bottom line–always inspect the home on your own and pay attention to the details. It is even OK to make more than one trip to the house. This is after all, the largest purchase you may ever make.

6. Get a Second (or Third) Opinion

When you’ve fallen in love with a house, it’s easy to overlook things that may not be quite right. Unfortunately, those “love blinders” can cause expensive mistakes if you fail to notice something wrong with the property.

That’s why it’s important to bring a family friend or relative along. Since they aren’t buying the property themselves, they’re more likely to see it for what it is. So get a second or third opinion from someone who isn’t blinded by love goggles. Different eyes spot different things, and friendly eyes will tell you the problems they see.


Tracy Spradlin

2017, 2016 and 2015 “Best Realtor” ALT Readers Choice Award, Voted 2006 Best Realtor by Four States Living Magazine, 2011 Texarkana Board of Realtors President, 2011 Texarkana Board of Realtors ....

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If you are ready to buy your first home, check out the house included and some of the tips I have listed below. If you have any questions, don't hesitate to contact my office.1. START SAVING

Read More