Top Tips for First Time Home Buyers
I have worked with a lot of first time homebuyers over the years in Gilbert and Mesa. With all of the unknowns, buying your first home can be a stressful time. Here are my top 5 tips to help get you through the process.
1. Pick your top 3 must haves in a home. Is that a pool? A cul de sac street or a corner lot? An amazing school district? A certain neighborhood? This may not be your "ultimate dream home" but if you can get as many of your wants in a home as possible it will make it feel like it.
2. This is not your forever home, think about the long term and resale. Just because it doesn't bother you that it backs up to a main road doesn't mean it won't bother the next buyer. Think about things like location within the neighborhood and who your target audience is going to be when you sell your home in the future.
3. Consider all of your expenses. There are many fees associated with buying a home including title and escrow fees, a home and pest inspection, appraisal and lenders fees. Make sure to include these into your closing cost fees when crunching numbers.
4. Research downpayment assistance programs. The are so many programs out there for first time homebuyers that will help pay your entire downpayment. This could mean buying your first home with very little up front cost. Bonus: most of the grants you don't have to pay back! Also search for programs based on your profession (teacher, law enforcement, farmer, etc.)
5. Do not buy large ticket items on credit. This is not the time to go buy a new car or start buying furniture to fill your beautiful new home. Your lender will find this when they pull a final credit report and it can cause delays in closing due to a change in debt to income ratios.
Last but not least, have fun with it. Buying your first home is an exciting adventure and celebrate the fact that you're going to be a homeowner!
