subject: Three Things Every First Time Home Buyer Needs To Know [print this page] Although buying a home is one of the most exciting events in a person's life, it can also be one of the most stressful. This is particularly true for first time home buyers who have never been through the process before. Here are three things you should know if you're in the process of looking for your first piece of real estate:
Just because you were pre approved for $400,000 doesn't mean you have to spend it: People with good credit and decent incomes are often approved for shockingly large mortgages. But remember, that doesn't mean you have to (or should) spend it all. Find out what the monthly payments will work out to (don't forget property taxes, home insurance, and life insurance). If the number seems high, look for houses that are a little cheaper. You don't want to buy a gorgeous house and end up being so financially stretched that you can't afford furniture or groceries.
It's important to consider all expenses associated with buying a home: No matter what type of home you decide to buy, the associated costs will likely be in the thousands once all is said and done. Try your best to estimate these expenses before you make an offer. Having this money set aside will definitely make the process less stressful. Consider things like lawyer's fees, home inspections, moving costs, and any time you have to take off work. As you'll find out, these expenses add up fast.
No pre-built home will be perfect: It's something no home buyer wants to hear, but it's unfortunately true. Unless you've got unlimited funds to build your own dream home, it's very probable that no home will be absolutely perfect. You might love everything about a bungalow except its rural location, or you might think the only thing wrong with a condo is its closet-sized master bedroom. Make a small list of features that you refuse to settle on, and then try to keep an open mind about everything else. Otherwise, you might be shopping around for a very long time.
by: Kris D Bickell
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