Articles on tips for First time Home Buyers are easy to find. They are often full of the same ideas, and I often walk away wondering if the author has ever purchased a home, or just copied the ideas from a different poorly written article. Today I saw an article "5 Tips for First Time Home Buyers" and I was actually impressed with the tips. Why? Check out my thoughts and read the article!
Considering the homes age is important and often over looked. Where is the house in the needed renovation cycle? Is the roof new, or just a few years from needing replacement. Same with the furnace, etc. A starter home is likely not going to see much price difference between needing a boat load of repairs or having been recently updated. You will likely save money going with the updated home, but have fewer chances to do things your way. Make an educated choice.
The article covered that 20% is the traditional down payment, but mentions that there are options to making a smaller down payment. Great! Sure 20% is great, but don't wait until you have saved that much up before exploring your options, house or loan wise. Depending on what you qualify for you may be pleasantly surprised at how little you might need to put down.
What the future holds for you and your family both on an income front or in housing needs. Are you qualifying with 2 incomes? How dependable is that income? How quickly or easily could you find a replacement job or income if one of you is laid off? Are there possible life events in your future where one of you may need to work less or not at all? Will you be able to afford the house with that reduced income? Does the house have the space or features for your family today and tomorrow? Enough bedrooms, recreation space? Possibly more space than you will need in the future? Buy today with tomorrow in mind. It is much easier to buy right that fix the problem down the road.
Check out the article 5 Tips for First Time Home Buyers, and call me to talk about your mortgage options, I'd love to help you buy your first home!
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As quoted in the New York Times "A Little-Known Loan Program", and in the Hartford Courant "Moving In:Couple Combining Households Buys In Newington" and "Moving In... New Britain"