First time home buyers face a lot of issues ranging from choosing a location to reconciling their budget with the available homes in the market, not to mention getting the proper financing and deciding how much down payment they can afford.
We have put together the infographic below to help you prepare for the biggest purchase of your life. Buying a home is a little daunting especially if you are a first-time home buyer. If you make a small mistake, the consequence can make a big impact in the long run. Let’s ensure that doesn’t happen. Here’s the First-Time Home Buyer Checklist in brief:
- Check your credit
- Evaluate assets and liabilities
- Keep your money where it is
- Get pre-approved for your home loan
- Do background check on the area that you are buying
- You are not likely to have success timing the market
- Generally, the price of homes goes up over time
- Ask yourself how many homes you actively tried to pursue
- Property tax is BIG
- Logic vs. Emotion
Buying a home for the first time
Buying a home is one of the biggest personal and financial decisions you’ll ever make in your life and often one of the most complicated especially if it’s your first time. There are lots of things that are new to you including new words you are not familiar with including legal and mortgage terms like contingency and escrow. You also get to meet a lot of people and tackle the tedious tasks and paper works during the home buying process.
The best thing you can do as a first time home buyer is to get a full understanding of every factor involved in the home buying process. Understanding where you stand in the very beginning and knowing what steps to take after that will give you a sense of control.
Knowledge is power
The smartest way to start buying a home is getting armed with information. That’s why we’ve put together this “First-Time Home Buyer Checklist.” In it, we list the things to consider before you go out house-hunting, from determining how much you can afford to what you need to consider when choosing a property.