Lesser-Known Tips for First-Time Homebuyers

First-time homebuyers have a lot of thingsto take into consideration whenpurchasing a home. For most of them, it’sthe American dream. Sometimes, a busyschedule and lack of experience causepeople to overlook some things that maycost them financially in the long run.

30-Year Mortgage

A 30-year mortgage is NOT the only way to pay for the home. Look into home-buying grants and other types of government and private funding for first-time buyers. Grants do not have to be repaid, and they reduce the total purchase price of the home and lower the required down payment. Also, investigate buying the home on a short term (e.g. 10, 15, or 20 years) to save money on finance charges and closing costs.

Longevity, Suitable for Resale

A good home has longevity and is suitable for resale. The condition of the home, its features, and its location are all determinants of whether or not it is a solid investment. Decide if the home is where small children and elderly people would live if raising a family is part of plans.

Visit the Home Fewer Times Before Signing

Visit the home at least twice BEFORE signing,and make notes each time. Hidden dangers maybe lurking behind the walls and floors like leaksand cracks that worsen over time, so makingnotes on each visit is a good way to keep thecondition of the home up to date. Also, tryvisiting the home at different times of the day(e.g. nights, weekends) if possible.

Rules and Regulations

Read the homeowner’s association rules andregulations. The home buying terms are not theonly things to take into account when purchasinga home. Depending on the area, thehomeowner’s association is the governing bodyfor residents and may have very strict rulesabout pet care, occupancy limitations, wasteremoval, landscaping, etc., so reviewing thecontract before purchasing is advisable.

Household Budget

Figure out the entire household budget beforebuying to avoid money problems later. Anxiousfirst-time buyers are usually so focused onraising capital for purchasing their homes thatthey forget to set up the monthly budget. Thebest idea is to organize the household budgetbeforehand and make contingencies foremergencies so that finances are distributedaccordingly. Ask the seller about estimated utilitycosts per month, visit the area stores for costs ofconsumer goods, and check into association duesand fees before including these items intomonthly expenses.

How Know about Neighborhood

Ask around. Learn about the neighborhood, theassociation, and the seller from homeowners,businessmen, law enforcement, and other first-responders. Even the neighborhood firedepartment has a record of area occurrences(fires, natural disasters, etc.) for potentialbuyers.

First-time homebuyers need to feelsecure in their home investment, sotaking the extra time and effort tolook into the smaller details will helpthem become more knowledgeable,saving them both time and money inthe future.

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