The rush of buying your first home is one of the most exciting experiences one can endure in their life. It's a huge accomplishment and you should feel extremely proud of yourself. One thing to remember is to not let the overwhelming feeling of excitement allow you to fall into the traps that can occur during the process.
Purchasing a home for the first time is a huge transition in everyone's life and very few people stay their whole lives in the first house they buy. Having said that, maybe you want to start out with buying a starter home, so you get used to the ins and outs of owning a home.
This is a huge financial investment that shouldn't be taken lightly. The luxurious home will always be there waiting for you in the future, so don't overstretch the budget you know you're working with. Any space can be renovated and dolled up to look however you desire. There are plentiful resources out there to help you with this process of working with small spaces to inexpensive DIY projects. There are so many ways to make your purchase into a place you feel comfortable and confident in.
Be Prepared for the Worst
Focusing on the Monthly Payment Instead of the Total Cost
As excitement runs through your veins while moving into your new home, remember that you are in charge now. Although you may have a lovely, low monthly mortgage payment that is helping you invest in your future, anything that happens to the home is going to cost you. Your hot water heater could break, your dishwasher could break, your electricity could go out...an abundance of scenarios could happen.
Go into the process with a nice cash cushion for these situations, so you will save from the stress of your bank account not being too happy with you.
This leads us to...
Get the Inspection!
Do yourself a favor and don't let the seller get away with dolling the home up to look pretty for you when there's a load of garbage underneath. Having the inspection can not only save you money but add money to your pocket for renovations. Say there are cracks in the ceiling that the inspector finds. They don't bother you that much right now, but you can end up getting a nice chunk of change to be able to pay for that water heater, dishwasher, and electricity problem you came across later.
Pay Up Front
If you hate monthly payments as much as the rest of us, the smartest way to go into home investing is having 20% of your down payment saved up. Doing this will save you from the burden of needing to have private mortgage insurance that will be added to your monthly payment and cost you more overall.
Buying a home can be a great experience, but as with anything else, go into the process prepared.
For more information on the home buying process, reach out to one of our experts now!