Now might be the perfect time to make your move toward home ownership.
With rent costs on the rise, many potential first time home buyers are asking themselves, should I be looking at buying a home?
Many couples and individuals feel overwhelmed when they begin to look into home ownership.
This blog post will address some top concerns for first time buyers.
We know that each person has a unique situation, and we hope that you will contact our team with any specific questions you have on your journey to home ownership!
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New Home Buyer Fear: Buying a home seems way too complicated.
Fact: No one would ever tell you that buying a home is easy. Working with the right real estate agent can make all the difference. Your agent should maintain good communication with you throughout the process. Your agent should also work in tandem with your lender, attorney, and additional vendors to make sure you have a solid team behind you in an effort to streamline your transaction and answer your questions along the way.
New Home Buyer Fear: I don't think I can afford to buy a home right now.
Fact: Until you do the math, you don’t know what you can or can’t afford. As you move closer to deciding to purchase your first home, you will want to get your mortgage loan pre-approval for your home loan before you begin your home search. Your pre-approval will determine what you can actually afford, and your agent and lender should work with you to itemize any additional costs that will be involved in the home buying process.
New Home Buyer Fear: I don’t have the money for the down payment.
Fact: There are a variety of down-payment options available to you as a first time buyer! Check out these down payment assistance programs below.
New Home Buyer Fear: Should I wait until the market gets better?
Fact: There is never a bad time to buy the RIGHT home. There are no guarantees that the market will "get better". The sooner you purchase a home, the sooner you will have made steps toward your investment. For example, waiting a few years for the market to get better may be a waste of time and you will have missed out on the years of equity you could have been building by already owning your home.
New Home Buyer Fear: I can’t afford to buy my ideal "dream home".
Fact: Buying your first home will get you closer to your ideal "dream home". Home buying is a journey. If you begin with a starter home, you may live there for many years and find your home has appreciated in value. As you build that wealth through home ownership, you may consider moving into a larger home, and then another, until you find that your higher priced ideal "dream home" is now well within your reach.
New Home Buyer Fear: I still have student loan debt.
Fact: Student loan debt is not considered a deficit when applying for a home loan.
Home Buyer Basics:
Who should NOT be looking at buying a home?
Anyone who may be changing jobs soon. This will effect your pre-approval status, and your loan qualification. If you’re changing your job soon, this will affect your ability to get a loan because lenders want two years of employment records with one company. You will need that job stability in place to make your home buying transaction as smooth as possible.
Anyone looking to own a home for a very short amount of time. If you’re planning to move again soon, you may not have enough time to build enough equity to make the move worthwhile. Also, you may have to factor in the cost to sell which can be as much as 7.5% of the price of the home.
What are the basic steps to home ownership?
Decide to Buy
Find Your Agent
Secure Financing
Identify Your Criteria
Find Your Home
Make An Offer
Perform Due Diligence
Close
Move in and Protect Your Investment
Enjoy Service for a lifetime
Have additional questions?
Contact Natasa Fryer today for a free, no obligation, consultation and receive your free copy of
Your First Home by Gary Keller and Jay Papasan!
With compelling stories, in-depth research, and decades of experience, Gary Keller and Jay Papasan demystify the home-buying process in this guidebook, and give you proven, step-by-step advice. These insights and tools can help you find, finance, and buy a home that you’ll be proud of for years to come.
