How to Buy Your First Home
As a couple, one of your dreams is to own a home together right after the wedding! That’s if you don’t already have one. Sometimes couples who want to have a big family later on sometimes settle on a rented home.
Buying a new home could be a first time experience for both of you. It shouldn’t be taken lightly as it is one of the most expensive purchases the two of you will ever make.
That’s why it’s important to research and make all the right moves when preparing for, searching for and ultimately buying a home.
To help you cautiously and safely move toward buying a home, here are certain steps you can follow.
Do your homework
Once you decide on your preferences on a home, the next step is to do critical research. Searching online makes this task much easier than it used to be. Be sure you don’t forget about having a home inspection done.
Set priorities straight
Unlike buying a car or an air conditioner, getting the wrong home in the wrong neighbourhood is a decision that will hound your family for years. Know your priorities, like doing an advanced background check so you know who is living in your new neighbourhood.
If you’re expecting a big family, then you’ll want a multi-family home. While single couples with no kids will prefer a smaller home. When you have the home inspection done you want to make sure the heating and air conditioning is checked. If not, it can add up to a huge expense later.
Equally important is the kind of neighbourhood you’ll be in. Do you need to stay near the city where short commutes to a good job and school are available?
Is it okay to stay in the suburbs with low property taxes? Asking yourselves these questions will narrow down your search quickly.
Financing your home
To finance your home together, you will need to pick between two options. The first is to purchase the home outright if you have the means.
That is not an option for most of us.
Thus the second option – obtain a loan.
Checking various home loan solutions from NPBS or other providers will give you the leverage you need to acquire the home you want. The good thing is that you can set up and select the home you want online.
You can even set up a meeting with the service provider.
Traditionally, lenders need a down payment of twenty percent of the value of the home. In some cases, they will grant you the home for a down payment of three percent if you have a good credit history.
- As a first-time buyer, you may probably look to move again in the future. In which case, you need to think about whether a property will be sellable.
- If you already have a mortgage in place before looking for the house you want, reading the terms carefully can help you in negotiations.
- Find limited time home loan offers online.
I know it can be overwhelming but, using these tips can have you well on your way to buying a new home.
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Our experience was easy and painless and I hope yours can be too.
If you own a home, was buying it an easy or difficult feat?
Let me know, til then–cheers m’deres!
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Nancy Polanco is a freelance journalist, lifestyle content creator, and editor of Whispered Inspirations. She is a proud Mom to Gabby and Michaela, and wife to Darasak. Having worked as part of a health care team for almost a decade, Nancy is happy to be back to her passion. She is a contributor to the Huffington Post, TODAY’s Parents, and an Oprah Magazine Brand Ambassador.