Four Tips For First Time Home Buyers

There are some mathematical formulas that can be used to help you determine how much of a mortgage you can qualify for and actually afford. Click here.

Four Tips For First Time Home Buyers

29 July 2015
 Categories: , Blog

First time home buyers are bound to make a few mistakes during their home search. If you are in the market for a new home, you probably have lots of questions and aren't sure if you are making the right decisions. Here are four things to keep in mind when looking to buy your first home.

1. Have Realistic Expectations

It is important to remember that your first home purchase is often considered your starter home. Without built up equity or a lot of savings, it will be hard to land your dream home from the beginning. Especially if home prices are up, take an honest look at fixer uppers or condos. Homes that aren't perfect but can be a great start are often better options. Having a clear understanding your financial picture and what you can afford will bring you back to reality.

2. Find a Supportive Realtor

Finding a realtor that is an expert with first time home buyers is important. They will have advice for you along the way and should be available for any questions that you might have. Having someone like Brian Adamski, REALTORĀ® that can guide you through the buying process is important. You shouldn't feel like you are making huge life decisions without a realtor in your corner that can offer up advice and support.

3. Thoroughly Research Neighborhoods

Looking around for a new home can open your eyes to your city and certain neighborhoods. Purchasing a home is a big step so you need to make sure that the areas you are looking are affordable but also safe. Be wary of up and coming neighborhoods or areas that are rapidly changing or developing. You need to understand the risks of areas that may be affordable but come along with other problems such as crime.

4. Be Patient

Sometimes first time home buyers land home quickly, but other times this can be a lengthy process. Don't get discouraged if your first (or fifth!) offer isn't accepted as this is all part of the process. Depending on the market, the time of year, and your personal situation, finding your first home can take time. Hang in there and keep your eye on the market so that you are in the right place at the right time.

Buying a home can be an exciting, rewarding experience. If you are on the market for the first time, going through the process correctly is important. Work with your realtor to make sure that you know what is expected and what you can afford. Having patience and understanding that parts of the process are out of your control is key.

About Me
how much of a mortgage can you afford?

I have saved up for a down payment on a house for the last ten years. Each week, I would take 10% of my paycheck and put it in a special savings account that I could not access. Once I finally had enough money put away, I began looking for houses in the area that I could afford. But, what could I really afford? How much of a mortgage could I qualify for? There are some mathematical formulas that can be used to help you determine how much of a mortgage you can qualify for and actually afford. My blog will teach you how to make this determination.