First Time Home Owner Tips

If you’re looking to buy a new home, there’s a huge collection of variables to consider in deciding to sign, or keep looking. These valuable tips might not occur to buyers when searching for their home – or at least they might be eclipsed by the more exciting elements of visiting what could potentially be your new home. In this blog entry, I’ve summed up a number of the specific platforms that home-seekers should consider, and go into a bit of detail about how to think about it.

Be aware of long-term goals, and re-selling value:

Are you aiming to stay in this home for a long time, start a family, house relatives? Or are you only planning on staying in the area for a set amount of time. If that’s your situation, you need to think about the potential re-sale value of the house. If your house is right next to a loud freeway or completely out of the way, many families with children won’t be on your potential selling list.

Calculate the TOTAL expenses during your budgeting

When you’re budgeting for your home, you need to consider the principal price, insurance, taxes, and interest – as well as utilities, travel expenses, and any upgrades or fixes you would be making on the home. Contact the utility companies that you would choose for your home and ask for cost estimate – and ask about whether they offer any budget plans. You need to think of all the applicable details that you may think are small – is your gas money going to go up because you’re driving further? Only by calculating this entire amount you can see if the house is within your budget.

Make a Quality/Value Checklist

Make a checklist of all the essential qualities you’d like in a home. Consider your Musts, optional benefits, or any extra qualities that you’re looking for. If you love one aspect of the home, but your checklist shows that it doesn’t reflect any of your essential qualities, it will help you think more rationally and practically about the decision.

Look for grants or additional funding

As you’re working with your mortgage choices, it’s important to check up on any grants or funding sources that you may qualify for. Many programs exist that have a flexible income limit, and separate options based on the area the home is in or the profession of the homeowner. Look for every possible eligible grant before you make your purchase decision.

Check in with the homeowners association before your choice

If your future plan is to rent out the home you’re going to want to find out if the house is part of an HOA, or homeowner’s association that sets stipulated rules on the home that may bar it from being able to get rented out. If applicable to the home, make sure to review the HOA contract before purchasing.

Make sure that you read any contract before you sign it

A home is certainly a major purchase. You’re going to want to completely understand the stipulations and terms of any contract that you’re going to be signing. If you try to read it but are having trouble understanding it (which is pretty common with Legalese) ask your mortgage broker or real estate agent to explain it to you.