April 17, 2022

Don’t overlook these important matters when buying your first home 

Are you planning to buy your first home? You may have considered some of the benefits and responsibilities of owning a home, but make sure you consider these items as well.

Consider the extra expenses

In addition to your loan payments, you will also be paying property taxes. If you have a loan, your lender will also require you to buy homeowners insurance. You may even be responsible for flood insurance, depending on the risk in your area. 

In addition to the items your lender requires, don’t forget other expenses that come along with homeownership. You will now have a yard to take care of, so you will need lawn and garden equipment, or funds to pay someone to take care of your yard. There will also be home maintenance costs, if you have to replace the roof, or fix plumbing, you will be the one paying for those bills.

Do you qualify for assistance?

There are assistance programs that provide lower loan rates or down payment assistance for qualified applicants. Even if you think you may not qualify, it doesn’t hurt to see if you do. The criteria often include income limits, but not always. In addition to many first-time homebuyer programs, other options apply to military personnel, teachers, and first responders. Some programs are even available based on the type of property, such as a home that requires repairs. Talk to your San Antonio area REALTOR® to see if you qualify for any assistance

Getting an accepted offer is just the beginning

It’s a great feeling when you find a home you want, draw up an offer, and the seller says yes. Keep in mind, though, there are still many steps before you can call that home your own. Depending on what happens during inspections, a title search, an appraisal, and other key actions, you could be looking at even more steps, such as amendments and repairs. 

Your REALTOR® can give you guidance for the many considerations you will face as you become a first-time homeowner. Working closely with a professional is the best way to ensure you don’t overlook anything important. For more information on buying or selling your home visit and find a San Antonio area REALTOR® today.