Buying My Very First Home

Buying a home is a challenge and a reward. I just bought my own home for the first time last month, and I am very happy, but I’m also very worried. It’s a big responsibility, after all.

I have always lived with other people, for as long as I can remember. I know that it is a bit silly for a woman in her thirties to never have lived alone, but that was the situation I found myself in. It seemed fine, and I never had a problem with it. However, I finally found myself in a position where I had to move yet again, and I thought to myself: why don’t you have a place of your own? So that is what I started looking for.

Buying My Very First Home

I knew I had pretty good credit, and that I had managed to save a little bit of money living with other people. I was also lucky enough to have a steady job. I think all of those things helped me when it came time for me to really think about buying a house. I had watched so many friends go through it that I knew that I was in a good position, and I was grateful for that, but I still had a lot of work to do.

I got my mortgage first, which I had heard suggested many times. I didn’t even bother looking at houses until I went to my bank and got pre-approved for a certain amount of money. That’s when I felt a little more secure about what I was getting into. I think that saved me a lot of time as well. Because I had done the work of getting a mortgage already, there was no point in looking at homes I couldn’t afford.

I finally got a realtor, and I think she helped me a lot. There were so many houses on the market for the area I wanted, that I would have been overwhelmed if I didn’t have her around. I was also really lucky that I knew the neighborhoods well enough to know where I wanted to live and where I wanted to avoid. I came up with a list of things my dream house would have, and the realtor came back with a bunch of houses to look at.

Looking at houses was by far the most fun part of the entire process. I was so excited to be buying a house that I imagined myself in every house I saw. It was hard to pick just one, and I even looked at a few houses twice. It’s a big expense, and I wanted to make sure that I picked just the right house to live in.

Finally I saw the house that is mine today, and I just knew it had to be mine. The closing process was a bit nerve-wracking, but when I finally reached closing day and signed the paperwork I was so happy. Being a homeowner is terrific.

A Simple Guide To Buying Your First Home

With the downturn that the economy has undergone, the experience of buying your first home has seemed to have transformed from a smart investment full of hope for the future into a scary and perilous financial risk. However it doesn’t have to be! With some smart decisions and a little knowledge of the world of real estate, buying a home can still be a great investment.
Guide To Buying Your First Home
Buying a home is a process, and like any other journey, there are certain steps you can take to ensure you reach your goal safely and successfully.

Financing

The first step when it comes to buying your first home is figuring out what your budget it. One of the biggest and most common mistakes first time homeowners make is buying a home that is beyond their means. While splurging on that 4 bedroom home may seem like it is worth stretching your monthly income, all it would take is one unexpected major expense to cause a cascading financial avalanche that can ruin your credit and cost you your home.

Before you start looking at actual homes, you should find and meet with a lender. They will be able to help you figure out your budget, including how much money you will need up front for a down payment and closing costs. If you qualify, there are also some government programs that can help you get into your first home with a low interest first time buyer loan.

Finding The Home Of Your Dreams

Once you have gotten your finances in order and have established a budget, the fun begins! Before you set out to look at homes, sit down and decide what features your new home must have. There are hundreds of homes on the market in any given area, so knowing what you want can help narrow down the list considerably.

The next decision you will need to make is location. If you have children, you will want to check the schools in the area of any home you consider, as well as the amount of crime present. In addition, find out if certain areas are prone to natural disasters, especially flooding. A home on a floodplain may seem like a bargain until you find out the cost of insuring it.

Once you have the criteria and location narrowed down for your new home, it is time to get professional help. A good realtor will be your greatest asset as you search for your new home. Ask your family or friends if they have anybody they can recommend. Since you have already narrowed down what you are looking for in a home, your realtor will be able to target specific homes that are a good fit for you and your family.

Buying your first home can be a scary prospect, but you stand to reap countless benefits. Why throw your money away on rent every month when you can often get a mortgage with a similar (or lower) monthly payment that works towards paying off a home of your own.