Buying a home is part of every Average Joe’s dream. Well, this is not surprising as owning your own home comes with a sense of independence and gives you the privacy most people yearn for at some point in their lives. Nevertheless, due to the diverse options on the table, buying a home is always easier said than done, especially for first time home buyers. However, with the four first time home buying tips below, buying your home should be much easier
Start The Financing Conversation Early
The main obstacle to homeownership is financing. If you are planning on purchasing your first time home on a mortgage, then don’t wait until you find it for you to start looking for financing. Statistics show that only one in four home loans are approved which is why getting your money right in advance is of the essence. it is also it is essential to keep in mind that what you think you can afford and what your bank is willing to offer might be two different figures. Therefore, to avoid being among the three home buyers who end up with rejected home loans ensure you start the financing conversation early with your bank. This allows you to look for a home that is within your price range as well as the disappointment of having your mortgage denied when you’ve already found your dream house.
Do Not Shy Away From Shopping Around
When it comes to seeking a mortgage, most first time home buyers often run to one place, their bank. While this is okay, you should not forget that you can also get favorable terms from a credit union, a savings and loan association or even a mortgage broker. Therefore, if you are buying your first home on loan, ensure you shop around before you settle on the terms offered by your bank so you may end up with nothing but the best rates.
There’s More To Owning A Home
We understand the excitement that comes with procuring your first home. Well, it is quite a considerable investment and also part of the American dream, so your enthusiasm is explainable. Nonetheless, do not forget that there is more to owning a home than just paying for it. For instance, while your own home means you’ll no longer have to deal with a landlord, it also means that you will now have to pay for home insurance, repair costs and utilities among many others. Consulting a firm specializing in first time home buyer services Crown Point IN in advance will help you learn all about the art of home ownership before you commit yourself to buying one.
Don’t Forget The Space Vs. Location Factor
If you have your finances ready and you know what kind of home you can afford, don’t burn your leather soles yet. Instead, sit down and do some soul-searching on the space vs. location factor. Why is this important? Well, on one hand, most houses near urban centers are often small and more expensive but come with the convenience of easy access to restaurants, banks, schools or even your work place. On the other hand, homes situated a few miles away from urban centers are usually more spacious and less expensive but they mean less access to the earlier mentioned amenities. Therefore, before you go on a home hunt, ensure you know what’s better for you, more space or easy access to urban centers. This will make it much easier for you to make up your mind and avoid regrets.