Things to consider when Buying your First Home

Things to consider when Buying your First Home

1. Your Budget and Financial Picture. Buying a home can be a good financial investment and will likely be your largest asset in the future. There are also great tax benefits to enjoy while you own your home. Use this calculator to see how much you can afford http://lauriescalf.point2agent.com/Calculators/page_163210.html

2. Get professionals. Ask family and friends about professionals that they know and trust.

You will need a knowledgeable REALTOR agent. A real estate professional will really help you with the entire process. They know the area market and will be a great resource of information. Commissions are generally paid by the Seller, so having an agent represent you is a wise decision.

You will also need a lender you can trust. Getting preapproved for a mortgage is your first step to home ownership. I would recommend getting referrals for at least 2 mortgage professionals and get quotes to consider your closing costs and interest rates. A reliable lender will provide you with a “Good Faith Estimate” of all the costs involved and an estimated payment. Most importantly, you will know how much you can afford.

A Home Inspector will be very valuable to you during this time. You will have the opportunity to have your home inspected for any major defects or safety issues. The price of a home inspection is minimal compared to the cost of many big ticket repairs that you would otherwise get stuck with.

3. Consider your Neighborhood Carefully. Lots of things make a neighborhood attractive. Schools, attractions, services, crime rates, taxes are among a few. Even if you do not have school age children, you should consider the school district in your decision because the value of your home depends greatly on future buyers and what is important to them.

Look where values are increasing. Your agent can add a lot of information with comparing market prices in various neighborhoods.

Check zoning around your home. A hopping new club next door may not do a lot for the future value of your home.

For more information on buying a home click here. http://lauriescalf.point2agent.com/Buying/page_163205.html