Saving money for a down payment on a home is no easy feat, which is why I started looking into various ways to make sure that I had things sorted out like I should. I began working with a real estate agent to chat about what to do and how to start saving, and they explained how much I needed if I wanted to avoid private mortgage insurance, and when the market typically trended upwards. It was really neat for me to see everything I could do with the advice, and saving became easier after I had a clear goal. Find out more about real estate by reading this blog.
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4 Tips for an Awesome First Home Buying Experience
Cathy Frazier
Buying your first home is an exciting experience and a rite of passage. This house will be a place where you grow and mature, and where you put down your roots. Because this step is so important, you need to be careful not to rush. Follow these tips to help ensure you buy the right home with the right loan.
Take your time finding a real estate agent
When you're brand new to the idea of buying real estate, it's tempting to just hire the first agent who comes along. But the agent you hire can make a huge difference in the homes you find and the price you're able to negotiate. If you have any friends or relatives who recently bought a home, ask them who they used as a real estate agent. If they had a good experience with that agent, sit down with them and have a chat. If you seem to get along well, and if they seem excited to help you find your first home, hire them. If not, ask for some more recommendations and find someone else.
Choose your neighborhood carefully
Many first-time home buyers really focus on the home and don't pay enough attention to the neighborhood they're buying in. If your home ends up being a 45-minute drive from work, or if all the other neighborhood residents are in their 70s while you're 22, you're not going to be happy in your home no matter how charming it is. So pick your neighborhood first. Maybe narrow your choices down to two or three neighborhoods. Then, look for homes specifically in those areas.
Look into FHA loans
FHA loans are often the best option for first-time buyers. These loans require smaller down payments, which means you can keep more money in your account for emergencies. (You will have surprise bills and emergencies as a homeowner.) Most banks do offer FHA loans, so you can easily shop around and find the best rate.
Look at 10 or more homes
It's tempting to fall in love with the first home you see. But your excitement may be clouding your judgement. Promise yourself that you will look at 10 or more homes before choosing one to make an offer on. This is not as time-consuming as it might sound. Your agent can easily schedule four or five showings on a single day, so you could spend as little as two weekends touring homes.
With the tips above in your back pocket, you'll be prepared for an amazing first home buying experience. Talk to your real estate agent if you need more advice.
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