Six Little-Known Tips for First-Time Homebuyers

1. Lesser-Known Tips for First-Time Homebuyers First-time homebuyers have a lot of things to take into consideration when purchasing a home. For most of them, it’s the American dream. Sometimes, a busy schedule and lack of experience cause people to overlook some things that may cost them financially in the long run.

2. A 30-year mortgage is NOT the only way to pay for the home. Look into home-buying grants and other types of government and private funding for first-time buyers. Grants do not have to be repaid, and they reduce the total purchase price of the home and lower the required down payment. Also, investigate buying the home on a short term (e.g. 10, 15, or 20 years) to save money on finance charges and closing costs. 30-Year Mortgage

3. A good home has longevity and is suitable for resale. The condition of the home, its features, and its location are all determinants of whether or not it is a solid investment. Decide if the home is where small children and elderly people would live if raising a family is part of plans. Longevity, Suitable for Resale

4. Visit the Home Fewer Times Before Signing Visit the home at least twice BEFORE signing, and make notes each time. Hidden dangers may be lurking behind the walls and floors like leaks and cracks that worsen over time, so making notes on each visit is a good way to keep the condition of the home up to date. Also, try visiting the home at different times of the day (e.g. nights, weekends) if possible.

5. Read the homeowner’s association rules and regulations. The home buying terms are not the only things to take into account when purchasing a home. Depending on the area, the homeowner’s association is the governing body for residents and may have very strict rules about pet care, occupancy limitations, waste removal, landscaping, etc., so reviewing the contract before purchasing is advisable. Rules and Regulations

6. Figure out the entire household budget before buying to avoid money problems later. Anxious first-time buyers are usually so focused on raising capital for purchasing their homes that they forget to set up the monthly budget. The best idea is to organize the household budget beforehand and make contingencies for emergencies so that finances are distributed accordingly. Ask the seller about estimated utility costs per month, visit the area stores for costs of consumer goods, and check into association dues and fees before including these items into monthly expenses. Household Budget

7. Ask around. Learn about the neighborhood, the association, and the seller from homeowners, businessmen, law enforcement, and other first-responders. Even the neighborhood fire department has a record of area occurrences (fires, natural disasters, etc.) for potential buyers. How Know about Neighborhood

8. First-time homebuyers need to feel secure in their home investment, so taking the extra time and effort to look into the smaller details will help them become more knowledgeable, saving them both time and money in the future.

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