1. Decide You’re Ready to Commit
Buying a home may be the largest purchase you’ll make in your entire life. The point? You’ve got to know you’re ready for that type of commitment.
Buying a home also means you’re ready to get your hands dirty – both literally and figuratively – in order to maintain your home. Handy work like replacing smoke alarm batteries, maintaining landscaping and even changing air filters typically falls in a homeowner’s hands.
2. Understand Your Finances
When it comes time to buy a home, a lender will consider every part of your financial picture. From your current salary to your bills and spending habits and etc. Since a bank is going to get all up in your spending business, you’d better do the same. Find out how much money you’ve got coming in and going out and how much you’ll be able to devote to a monthly mortgage payment.
Home owners are responsible for insurance, property taxes and any money it costs to cover routine maintenance or unexpected home repairs.
3. Consider Credit and Savings
Your first brush with credit may have been when you were inundated with credit card offers on your first day of college classes. By later in your twenties, you’ve probably established some type of credit – and, hopefully it’s at least decent. Lenders will closely consider your credit score when it comes to mortgage approval.
Remember – the better your credit card score, the better interest rate you’ll be offered.
4. Work with an Agent You Trust
Professional real estate agents have the training and know-how to lead any first-time home buyer to a home that’s right for them. Your trusted real estate agent will help you make up your “needs and wants” list when it comes to a home; they’ll help you consider your long-term goals for your new home; and, they’ll search for homes, show you homes, negotiate and walk you through the entire offer and closing process… right down to the point where those new home keys fall into your hands.