Buying a home for the first time is a very exciting yet scary and stressful time in someone’s life. Not only is it a big commitment, its an expensive one at that. A first time homebuyer can often rush into a big purchase like this and make some mistakes along the way.
A few very common mistakes a first time buyer can make are first, looking for a home first and a loan later. Before you fall in love with your dream home, make sure you can afford it first! Establish a budget and then contact a lender and get approved first before you start shopping. Second, forgetting other expenses. When buying a house, make sure you also keep in mind the property insurance, taxes, HOA dues, and maintenance costs.
So now that you have some tips on what not to do, here are some pointers to consider to make your home buying experience go as smoothly as possible.
First, check your credit. This is crucial when it comes to qualifying for a home loan. If you are already in debt, start the recovering process at least 6 months before you start shopping for a home. Second, organize your documents. When you’re applying for mortgages, you must show proof of income and tax records. Buying a home can take a long time, but being organized and knowing what you need can save some time. Last, new buyers should also consider working with an experienced realtor so they don’t get overwhelmed.
While this process can be stressful, knowing and following these tips can help things go a little smoother. It can also make the experience one you can enjoy rather than one you cant wait to be over.
By: Savannah Richards, Boise River Realty