First Time Home Buyer – A New Adventure

As a first-time homebuyer, the process and prospect of buying a home for the first time may make you feel excited or even a bit intimidated. Buying a home for the first time is a major step in anyone’s life, however, that doesn’t mean it can’t be a smooth process or even an enjoyable one. Here are some quick tips on how to make your journey a smooth one.

Location, Location, Location

• Think about where you want to live. Your final destination choices will be affected by:

                Personal preferences

                Lifestyle needs

                How much home you can afford

• What kind of home do you want to buy? Single-family? Townhome? Condo?
• What are your lifestyle needs? Do you need a large backyard for your children and other activities? Or maybe a smaller home is right for your needs?
• How much are you willing to save for your down payment? How much do you want to pay for your monthly mortgage?
• Answering these questions will help you choose the right home for you.
  

Save Money for the Down Payment

• For many first-time homebuyers, the down payment is often the biggest hurdle that they need to jump in order to secure their dream home.
• From paying off student loans and other existing debts, to rent payments, to regular household necessities, there may not be enough money to save a large amount for your down payment. In many cases, most first-time homebuyers do not save the traditional 20%. The average down payment amount made by many first-time homebuyers is around 5% of the home purchase price.
  

Determine Your Budget