Today we are covering some things to avoid if you are a first-time home buyer looking to purchase. Read on to learn more.
The most important thing to discuss initially is finances. You should know that your mortgage and it’s costs are not the only expenses you should be keeping in mind. There are going to be other costs associated, such as repairs or maintenance. When it comes to these, there is a 1% rule of thumb typically followed. This means that you should expect to set aside 1% of your homes purchase price per year for maintenance. These costs will be in addition to your down payment and any closing costs, so be sure you are prepared to take on the financial costs of owning a home.
Next, consider looking for your loan before your home. People typically do the reverse with this, but it is important to know going into your home search what you can afford and if they can assist in connecting you with a good realtor. This leads us to tell you the importance of having professional help. A loan officer and realtor will be able to help you with everything from negotiating costs to finding the home you love.
It’s possible that further down the road with more experience you will be able to take care of yourself through the homebuying process, but for now always involve professionals to help you with such a big decision. Good luck & reach out to a loan officer today!