Buying a home is one of life’s most exciting events, and I’m always honored to be a part of it!
Whether it’s your first or fifth new home, it’s always rewarding to help people navigate the process. You’re going to face a lot of different decisions, and as your mortgage lender I’d like to offer you a few tips.
Look to the Future
When considering what type of home to buy, think about what your life will be like in five years. Are you going to have children? Will you need to care for elderly relatives in your home? Are you hoping to rent your house after fixing it up? Your future needs should influence today’s real estate decisions. Do some research about the neighborhoods that appeal to you and find out about things like the quality of schools and zoning regulations. First-time buyers need to be especially careful not to fall in love with a house that won’t suit their needs in just a few years.
Consider Expenses Beyond Your Mortgage
For most people, a house is the most expensive purchase of their lives. Deciding on your home isn’t just about choosing where you want to live, it’s also about knowing how much you are able to spend every month on housing. Not only will you be responsible for a mortgage, you also need to consider taxes, insurance, repairs, possible association fees, closing costs, and other expenses. First-time buyers may be used to rental fees—now there’s a lot more to think about!
Bonus Tip: Don’t stop saving your money once you have your down payment. It’s a good idea to build up a safety net just in case you get any surprises in the first few years of home ownership.
Get Help From a Local Real Estate Agent
Online sites such as Zillow can give you a good general sense of housing prices in your area, but you really need to talk to a local real estate agent to get a feel for what to expect. Housing prices can vary widely, even in the same town, and an agent can steer you toward the properties that fit your needs.