Whether you just got married or just got promoted in your work, owning your first home is a significant accomplishment. Aside from the many awesome benefits we receive in owning a home, it also gives us a sense of self-fulfillment. Compared to living as a renter, homeownership provides us with a sense of security and stability as it is always great to have something you can call your own.
Photo by Tierra Mallorca
However, the preparation, experience, and process as a first-time homebuyer can sometimes be stressful. There are so many things to consider that the possibility of being inundated might affect our choice to buy our first home. But there is always a way to avoid this stress. Here are the five guides for first-time homebuyers like you to make your search for your first home fun and worthwhile!
Envision The Right House For You
The very first important step is to know what you want for a house. Are you a beach person? Maybe a place that has an ocean or beach view might be for you. Are you a nature-lover? Perhaps a house that overlooks a mountain or a vast rice field is right for you. Are you a modern type? Then maybe a city house is the one you have been looking for.
Know what kind of house you would like to own. Draw it or paint it if you must. Or compile cut-outs of beautiful homes that fit your liking and post it on your dream board. Doing this will help you a lot in choosing the right house for you. It is always best and helpful to give importance to the list of your likes and dislikes in buying your first home. If you feel a sense of connection by merely looking at the house, then it might be best to consider buying it.
Stick to Your Housing Budget
Always stick to your housing budget no matter what! A three-story house with seven bedrooms might have gotten your attention, but if it is beyond your housing budget, do not ever buy it. Buying your first house that is not within your price range can cause family conflict. Always consider your financial status in choosing a home.
It is wise always to remind yourself that family must come first in buying your first home. Do not compromise yourself, your needs, and the needs of your family in chasing that dream house of yours. When financial issues start to get in purchasing your first home, there is a big chance that your dream house would turn into your worst nightmare.
Choose an Efficient Real Estate Agent
An efficient Real Estate Agent is your best partner in looking for a house. Not a mere Real Estate agent who always thinks of her benefits rather than your own. Your Real Estate Agent must be someone who is functioning in the best way he can without wasting your time and effort. He must be trustworthy and have the knowledge, skill, competence, and reliability.
You must interview at least three (3) Real Estate Agents in choosing a Real Estate Agent. Do not be shy in asking for their credentials and for the process of purchasing a house, for this would help you achieve your first-ever dream house. You may visit the Pat Leavy website if you wish to know more about the correct process of purchasing a home.
Choose the Best Type of Mortgage
A mortgage involves two components. The first one is the principal, and the other one is the interest. The principal refers to the primary loan amount that you just obtained. The interest is the additional or extra money that is for your lender as an exchange for granting you the loan. Choosing the best type of mortgage for you is crucial. And fortunately, there are different types of mortgages to choose from that will go well with your financial status or budget planning.
Some mortgages have less exacting guidelines or conditions. Some have very rigid policies. Some would require a 20% initial down payment, while others require as little as 5%. In case the type of mortgage with stringent policies will help you accelerate your loan’s amortization and diminishes the amount of interest, discuss this with your agent and family to enlighten you.
Always Have Fun
Do not allow the overwhelming things or situations in the process of buying your first home to steal your joy. Always think of the real and deeper meaning of the word “home.” You are buying that first home because it makes you and your family happier or gives you a sense of peace and fulfillment and not stressing you.
That is why getting assistance or help from efficient experts is a must as they will spare you from all the stress that could happen in buying your first home. Always have fun! Avoid stress and enjoy the whole process.
A home is a beautiful asset. But the journey in acquiring your own home is also significant. You can make your journey as enjoyable and fun as your first home by following these five guides for first-time homebuyers like you. With these guides, you are ready to take the plunge and buy your first home to say you are finally home finally!