For the most part when you ask a first time home buyer whether they would purchase a home again knowing what they know now the resounding answer is a “YES”. Many buy because it is cheaper than renting and with the low mortgage rates they are locking in a solid deal. It is still hard to know if you are buying the right home on your first go, You can’t see the future but if you follow the steps below you can analyze if the home you are looking at is right for you. One of the best tools you can use is talking to your friends, family or colleagues who recently purchased their first home.
Advice from recent First Time Home Buyers
Sometimes to only way to learn something is by doing it. But their are a lot of other things you can learn by asking and observing what others have done. Do you have a cousin, colleague or friend who recently purchased their first home? Ask them to coffee one day and discuss what they wish they knew or what they would do if they could do it all over. In a recent study done by Zillow more than half of the first time home buyers surveyed said they would do something differently if they could go back. Common answer’s included a certain square footage, a maximum price range or a limit on the commute. Below is some of the best advice we Received from first time home buyers.
Make sure the home is Big Enough
For most First Time Home Buyer’s size is a top priority. Whether they are expecting an addition to the family or want to have a place for the In-laws to stay size is an important aspect of a home. Two out of three first tome home buyers said they wish they bought a home with more space or a different lay out. Another important consideration on top of square feet is how many bedroom’s, bathrooms and living space will you need in the next five to ten years. It is expensive to remodel or build an addition on a smaller home, but it is ever more expensive to buy a bigger one. It is usually most cost effective to start with a home that will suite your needs for the next 10-15 years.
Knowing what payment you are comfortable with
It’s easy to view a home slightly out of your price range and fall in love with it. The big master bathroom, the large lot and the prime location. But when you find that perfect home you may not look into things such as taxes and the total mortgage payment. Although you may have found the “perfect” home it may not seem so perfect to your lenders Under writers. Although you may think another home like it will never come on the market be patient. Set your maximum amount and stick to it, don’t exceed that number.
Be Realistic about your commute time
There is a lot of Factors to consider when buying a home near a metropolitan area. The closer you get the shorter your commute, but at the same time the closer you get the higher the price. Finding the perfect balance between commute and price is a delicate tight rope many borrowers must walk. First time home buyers normally purchase a home out of town to stay within their target price range. While this works for many you must also factor in commuting costs, time lost with family and friends and the added stress of a morning commute. According to a 2015 by the National Association of Realtors 30 percent of home buyers purchased a home to save on commuting costs. Out of that 30 percent 23 percent spent more on their home to be closer to work. Before making an offer on a house, make the drive both ways during the time you normally commute to work to see what the standard commute time will be like.
Get a second opinion
When you are new to real estate market you look through homes with rose colored glasses, it’s easy to overlook something that in the future can lead to expensive repairs. Bring along a family friend or relative who knows common trades to see if they can see any major flaws that would cost a lot to repair. This friend will also not be emotionally invested and can give you a more honest opinion of the home. Sometimes the home will be priced low enough that it can compensate for deficiencies but in some cases it is better to find a home that does not need any major repairs. Most No money down Home Loans cannot go through if there is major problems.
No Money down loans for Veterans
No money down Home loan
Purchasing a home is becoming a possibility for many families across the country with today’s low mortgage rates. They won’t stay this low forever so if your lease is coming up soon or you have been thinking about buying a home for the past few months click the link above for a free no pressure consultation. You have nothing to lose and the American Dream to Gain!