There are many things that must be considered very seriously when buying your first home. These are things that will make the difference between being happy with your home (and your mortgage), or regretting your decision for years to come. So pay attention to the things in this article so that you'll be one of the ones who are happy with your decision and will sleep well at night in your new home.
The first thing you need to consider is what general area you want to live in. You need to choose the area you want to live in carefully because it's one of the most important aspects about how much you'll like where you live. It's also a huge factor in determining how much the house is worth. Things to consider include whether or not it's a busy neighborhood, the level of crime, the school district, and proximity to your place of employment, family members, church, and stores.
The next thing to consider is how big the house is. Make sure there are enough bedrooms in the home for your and your family now, and in the future. Also ensure the living room and kitchen are large enough. And pay attention to whether or not it has an eat-in kitchen or a separate dining room, and whether or not the basement is finished.
It's a good idea to take a notepad and a camera with you as well so you can make notes and take pictures of things you like and dislike about each house you check out. It may seem weird at first, but it is a much better idea to rely on things you've written down than things from your memory since you'll likely be looking at a lot of houses.
Once you have your top three, it's time to start mortgage shopping. Fill out mortgage applications at three different banks at a minimum. Once you're approved compare the terms of each and choose the best one. Make sure to evaluate them all based on interest rate, loan term, origination fees (points), and any other factor that will affect how much you pay for your new home.
Once you choose a home and choose a mortgage lender, it's time to start getting ready to move. Find out what your closing date will be and make sure you will have enough money to cover all of the closing costs. Then start notifying your friends, family, workplace, utility companies, etc. Of your new address and when to start sending your mail there. Plan your move and start packing up your stuff.
These are some of the most important things to consider when buying your first home. Make sure to consider them before you choose one. If you do, then you'll end up making a good choice and you'll have a new home soon.
The first thing you need to consider is what general area you want to live in. You need to choose the area you want to live in carefully because it's one of the most important aspects about how much you'll like where you live. It's also a huge factor in determining how much the house is worth. Things to consider include whether or not it's a busy neighborhood, the level of crime, the school district, and proximity to your place of employment, family members, church, and stores.
The next thing to consider is how big the house is. Make sure there are enough bedrooms in the home for your and your family now, and in the future. Also ensure the living room and kitchen are large enough. And pay attention to whether or not it has an eat-in kitchen or a separate dining room, and whether or not the basement is finished.
It's a good idea to take a notepad and a camera with you as well so you can make notes and take pictures of things you like and dislike about each house you check out. It may seem weird at first, but it is a much better idea to rely on things you've written down than things from your memory since you'll likely be looking at a lot of houses.
Once you have your top three, it's time to start mortgage shopping. Fill out mortgage applications at three different banks at a minimum. Once you're approved compare the terms of each and choose the best one. Make sure to evaluate them all based on interest rate, loan term, origination fees (points), and any other factor that will affect how much you pay for your new home.
Once you choose a home and choose a mortgage lender, it's time to start getting ready to move. Find out what your closing date will be and make sure you will have enough money to cover all of the closing costs. Then start notifying your friends, family, workplace, utility companies, etc. Of your new address and when to start sending your mail there. Plan your move and start packing up your stuff.
These are some of the most important things to consider when buying your first home. Make sure to consider them before you choose one. If you do, then you'll end up making a good choice and you'll have a new home soon.
About the Author:
Super tips for buying your first home now in our overview of first home buyer advice and everything you need to know about fantastic investment property in Australia.
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