ready to buy your first home?
It’s important to be prepared when navigating new territory. To make your experience a little less nerve-wracking, we have compiled the following first-time homebuyer tips. If you're looking to purchase a home in Pennsylvania, New Jersey, Delaware, or Ohio, you may find these tips particularly useful in your home buying journey.
Appreciating how much home you can afford is a major step in the home-buying process and it's easily accomplished by getting pre-qualified.
There’s more to budgeting than how much home you can afford. The best approach to creating a budget is taking a comprehensive view of all the possible expenses. There are expenses you will incur as part of the home-buying process like closing costs and moving expenses. Then there’s expenses you’ll incur once the home is purchased. In addition to a monthly mortgage payment, you should also consider:
• Annual taxes
• Required insurance premiums
• Monthly utilities
• Unexpected maintenance expenses
Outlining all of your potential and existing expenses against your income is an excellent way to make sure you can cover all that is required when purchasing a home.
Once you have established an acceptable budget, you can begin the search for:
• A real estate agent
• Your perfect home
• The best mortgage solution
When looking for the perfect home at a price you can afford, a real estate agent is a huge asset. The purpose of a real estate agent is to help you save time and negotiate a price you can afford. Do some research online or ask friends, relatives and colleagues for a recommendation. It's also helpful to note the areas you are considering buying in so you can find an agent that's right for you.
Once you understand how much you can afford and have a real estate agent to help, you can begin house hunting. With the various types of homes available, it might be difficult to determine which type is best for you and your needs. Take into consideration your stage in life, desired features/benefits and how many improvements you're willing to make before moving in. Below is a brief overview of the most common types of homes to consider in your search for the perfect home.
Detached, free-standing housing structures or single unit that can have either one, two or three levels and does not share walls with any other homes. These types of homes can offer privacy but also require more maintenance than other types of homes.