How To Buy Your First Home

By Staff Writer

So you’ve finally decided you want to buy a home of your own? Congratulations! You’ve taken the first important step in edging towards the home of your dreams. By making that firm decision, and acting on it, the rest will follow. Here are some suggestions on what you should do to get that ideal home.

Prep yourself. Now that you’re really serious and taking your first foray into home buying, the first advice any homeowner or expert would give you is to consider your budget and your means of buying your first property. Ask yourself questions like how much can you afford with your income, savings or funds, how to apply for a loan, and how much you can get on a loan. Purchasing a home involves continuous spending: down payments, monthly expenses, interest rates, additional expenses like home care or repair services if you have something done by builders, etc. Make sure you can cover most of the expenses without difficulty, and have a clean financial and credit record.
Get a mortgage or shop for a loan. For a first time buyer, you have to do research, make inquiries, compare rates, and even negotiate to get better deals. A mortgage covers the distance between the cash that you have on hand and the market price of your chosen home. There are many types of mortgage loans and home loans that you should know and understand first so that you’ll know which ones would be better for you. You can simply go online to do your research since there are a lot of sources providing information on these topics. Getting a pre-approved loan is ideal. You may also want to consider local and mortgage insurance programs offered by the U.S. Department of Housing in your state. There are also low-income home buying programs being offered by housing authorities and mortgage companies. If you’re at a loss, you can also consult a housing counselor on how to best manage and maximize your home buying expenses.
Build your dream home wish list. Before you go out to check some properties, be sure to make a checklist of everything you want your ideal family home to have. Divide them into negotiables and non-negotiables to make your decision-making easier. Be specific and include factors like location (state, city, town, neighborhood), convenient distance to work, school, business and commercial centers, public facilities, etc., home and property size, home style, (bungalow, 2 floors, pre-owned, Victorian, Colonial, etc.) number of rooms, and other important home features.
Get a real estate agent. Choose someone you trust. Having a seasoned agent by your side affords you professional guidance and advice.
Choose and purchase your home. Whether with help of a real estate agent or scouting on your own with the use of a computer, make sure you consult your wish list as you visit each and every house. Be very observant, take down notes if necessary so you won’t forget important details. Inspect thoroughly and don’t hesitate to ask questions to know more about the property. If you want to be really sure, you could also hire a professional home inspector who would go through the heating system, cooling system, water system, electrical wirings, foundation, roof, etc. to examine if they’re in good order. When you’ve landed a winner, come back another day for a final inspection. Looking at it with fresh eyes could help solidify your decision to purchase.