There are so many choices and decisions to make when it comes time to buy a home that going into the process may seem a bit overwhelming. Don’t let that fear keep you crammed in a tiny apartment paying rent any longer than you’d like.
The market is ripe and ready for buyers. Navigating some of the initial options will set you on a great path to choosing a home that best fits your needs.
You’re already navigating fresh waters as a first time home buyer, consider these early tips from experts to get started on the right foot.
Be Honest with Yourself
Throughout the entire process of searching and even after
you are a new home owner, nothing will feel better than knowing the home you’ve
chosen is one you can comfortably afford without having to scrape up finances
for other things in life. Part of achieving this peace of mind is being honest
from the very beginning.
If you’re buying a home with your significant other or alone, it’s important to understand your finances, your job security and what your outlook is for the next 5-10 years. This information plays an important role in deciding where you buy a home, the size and financial commitment you’d like to make and more.
Understand Your Finances
While reports show that home buying is a top priority among millennial buyers today, you need to understand that there’s more to home ownership than purchasing a dwelling. Sure your mortgage may work out to be less than your current renting price, but you cannot forget to add in things like property taxes, insurance, maintenance and other ongoing costs that come along with the purchase.
Understanding your finances and your loan options is critical. Then there’s also the down payment, closing costs and whether or not you plan to sell in a few years to consider. While a 20% down payment is a healthy one to make, there are other options too - particularly for first time home buyers - that can make the path to home ownership possible. Speaking with someone knowledgeable and trustworthy will help you to make decisions you can be confident in.
Other Options to Consider
The most important thing you want to keep in mind is that going into debt should never be a consideration. Weigh your options on renting versus buying, work with a real estate professional who understands your needs and can match you with the right properties and most importantly – have fun on the ride, it’s likely the start to an entirely new journey in your life.
Looking to buy a home in Connecticut and need help? The Lauren Sells Team is on your side throughout the entire process. We provide the skills, knowledge and motivation needed to make the home buying process as quick and productive as possible.