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What First Time Homebuyer Needs to Know

September 15, 2014

first time buyers

Who says buying your own place for the first time is that easy? For first time buyers, its both exciting yet crucial to know what things they should keep in mind before finally purchasing their very own home.

Here are some things you need to consider before buying a home:

  • Does it fit your needs?

It is important for a homebuyer to consider his lifestyle. One needs to purchase a home that fits his needs and preference of a house you are trying to buy. Is your salary enough to pay for the mortgage and insurance for the house? Are ok with the suburban type of environment or would you prefer to be in a quiet neighborhood or a house close to nature?

  • Weigh the costs of home ownership

It is imperative for a homeowner to look at his finances closely. As a first time buyer, one must not only consider the monthly mortgage payment but including expenses that might come along as you purchase your home. Additional expenses such as utilities, property taxes, repairs, homeowner’s association fees and your lawn maintenance will have to be added. Do you still have an extra cash to accommodate all of these?

Other things to consider before moving is the cost of living in that place you wish to transfer? Daily expenses should also be taken in to consideration.

  • Location

Where is it located? Does it have a good neighborhood? Or does it have a good lightning during night time? These are some matters you need to consider first before finally purchasing your home.

  • Demand full disclosure and a professional home inspection

Most states in the US would require a home seller to fully disclose the condition of the property they want to purchase. Such disclosure needed are the areas that would need repair, however some homeowner may not always reveal to the clients about the structural problems found at the house. It would also be better to contact a home inspector to save you up from all those future expenses on house repairs.

  • Get it in writing

It is important to safeguard yourself from every commitment you’ll have after purchasing your home. It is best to have every part of your transaction/agreement in writing.

  • What to do before completing the purchase

First thing you need to do is to make sure your title is “free and clear” and     there are no problems with you supposing ownership of the property.Then, acquiring homeowners insurance. Finally, agree if the purchase of a home warranty is in your best interest. It should all be taken care of before “closing.”

  • Don’t forget about taxes

Don’t forget the paperwork for your annual federal or state income tax return. You can regularly deduct the property taxes, points and interest paid on a mortgage. Or you can set up a consultation with a tax accountant to learn more about the limits on these types of deductions.

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