How to Buy Your First Home
Many people dream of owning a home, but the idea often seems daunting if they’ve never bought one before. For prospective new home buyers, the process can seem complicated. The good news: Buying a home is not that difficult AND there are many ways FIRST-TIME buyers can get the help they need to make their dreams a reality.
Here are the basics steps every FIRST-TIME home-buyer should go through when considering buying a home:
- FIGURE OUT WHAT YOU NEED. Do you have kids? Do you have pets? Do you or someone in your family have disabilities? The answers to these questions will help you know what you need from a house. If you have three children, for example, you may need at least three bedrooms (one for the parents and two split between the kids), but it might be nice to have more. If you have pets, you may need a home that has a yard. Knowing what you need out of a home is the first step towards achieving homeownership.
- FIGURE OUT WHERE YOU WANT TO LIVE. What good would your dream home be if you have to drive a long distance to go to work? Or if the school where your kids would attend doesn’t meet your needs? While it’s essential to know what features you want in a home, such as number of bedrooms, it’s also extremely important to determine where that home should be.
- FIGURE OUT WHAT YOU CAN AFFORD. It’s one thing to find your dream home, but it’s another thing to be able to afford it. To do that, you need to know the maximum amount you can pay per month. Experts suggest that this should be no more than about 30 percent of your monthly take home pay. At this point, it’s a good idea to speak with a mortgage specialist. They will run a credit check and can help you understand your different options. Check out some of the mortgage companies and banks at HOME EXPO 2016 and make it a point to talk to each of them.
- RESEARCH PROGRAMS FOR FIRST-TIME BUYERS. There are many, many programs out there for FIRST-TIME buyers. Some of them are federally funded, while Maryland offers the Maryland Mortgage Program. Plenty of banks and mortgage lenders also offer specials for FIRST-TIME buyers. Don’t be afraid to ask!
Want more tips for FIRST-TIME home buyers? JOIN us and take advantage of ALL of the educatonal home buying seminars we will offer at HOME EXPO 2016! Pre-register TODAY!