Four Things to be Aware of When Buying Your First Home
- Financial commitment
There are more financial aspects involved in buying a home than most first-time home buyers realize. You will need to prepare a down payment and be ready to pay closing costs which typically range from three to six percent.
Credit score is another aspect first-time buyers need to consider. It will be beneficial to talk to a mortgage professional if your credit score is lower than average, they will help you with your mortgage options.
- Your wish list
More than likely, you have been dreaming about your first home for a while and now that it’s time to buy you’re excited to find a home with everything you want. At the same time, it is important to understand what your budget will allow you to buy. First homes are often referred to as “starter homes”, this is because your first home purchase is the starting point for homeownership.
It is important to remember, you can find a great house even if it doesn’t have all the upgraded features and large backyard that you dreamed about. Sit down and decide realistically, which features on your wish list you can live without, and which ones are deal breakers.
- Home maintenance
As a homeowner, the responsibility for home maintenance falls on you instead of your landlord. As you prepare for homeownership, be prepared for the financial surprises that may come up such as plumbing or appliance issues. Establishing a financial safety net before purchasing a home will help you when issues like this arise.
- Home equity
Homeownership is a great steppingstone to creating wealth, as you will be building equity in your home. Also, in some areas you may pay less for your mortgage than you did renting.
Finding your first home can seem daunting, but you don’t have to face it alone. Finding a REALTOR® will give you someone who can walk with you through every step of your homebuying experience.
For more information on purchasing your first home and homeownership, visit SABOR.com and find a San Antonio area REALTOR® today.