Buying a home is a big power move and you’ve got this, babe! With that being said, we want it to be an easy process for you so that when you do buy your home, it’s a pleasant, beautiful experience and not one accompanied with overwhelming stress.
In order to find and buy a home that you’ll love and succeed in the process, here are our 5 tips for basic steps when buying your first home:
1.Where will you shop?
When it comes to mortgage payments and lenders, there are choices out there. From a VA loan lender to lenders who have high costs, there are various options available for you so that you can get the best results for what you need. Don’t just settle for the first cheap option that comes along, as you need to be confident you’re getting the best rate for your situation. Keep in mind that some lenders may charge higher fees than others, so before investing, shop around.
2. Do you have a reliable realtor?
Along the same lines of shopping around for a lender, a realtor is also a highly important aspect to consider as they can make a difference when it comes to buying the perfect home. Ask friends and family if they know a good one. If they have a great home themselves, you can probably trust their realtor is dependable. The best realtor will help you get a great deal, provide you with insights, and listen to your needs.
3. Save, save, save.
If you’re not yet in a position to buy a home but you want to be down the road, it’s time to save, save, save. Whether this means cutting back on extra spending or even just getting started on tracking your expenses, saving for the down payment is key if you want to buy a home down the road. Don’t be stingy with saving either—if you want a great home, you’ll need a great down payment. If you have a hard time saving money, consider opening a savings account at your local bank to help protect that money from being used.
4. Check your credit score. Fix as needed.
A credit score is important if you want to buy a home and not just any credit score. You definitely want to be above the fair threshold and if you can, try to make your credit as excellent as possible. This may mean paying off any credit-card debt you may have or being more thrifty when it comes to how you spend your money. At the end of the day, great credit makes a difference to how easily you’re approved. If you only have one credit card, consider opening up another one at your bank. This is a great way to build a better credit.
5. How much house can you afford? Be honest.
Before you rush to buy a beautiful home because it looks like one right out of a magazine, take some time to think. This commitment to large mortgage payments could end up taking away the joy from your life. While a big, beautiful home may seem appealing, it won’t be if you’re drowning in payments and barely making it. Consider the fact that some more accessible homes actually have the right kind of “bones” to become something amazing with a little bit of paint and fixing up. As long as the fixing won’t require thousands of dollars with a home contractor working on it, it could be worth considering if you want to live comfortably without letting your home own you.
Buying a home is something a lot of people dream of. If you’re at the stage of your life where you feel you’re ready, consider these steps. It is possible to find the perfect house within your means, so go for it and enjoy your home when you find it!