Becoming a homeowner can be an overwhelming experience. Often, there is a lot of information coming at you from all angles, so we’ve compiled some of our top blog posts for first-time real estate owners to help you through the stages of buying and owning your first home.
Buying a New Home
There are a variety of obstacles that can prevent millennials from becoming homeowners. Increased debt and the need for millennials to be “mobile” (moving for school or job opportunities) suggests that home purchases will most likely be made later in life.
Several options are available for people who wish to purchase a home without a mortgage. This post goes through four of those possibilities, including renting-to-own, getting owner financing, securing a private loan, and simply paying for your home with cash.
Extra costs may be involved in purchasing your first home that are not immediately obvious. Things like landscaping, utility hookup fees, moving expenses, and home insurance are just some of those costs. Make sure you’re prepared for unexpected expenses with a safety net of extra cash.
When you’re purchasing a new home, you’ll want to consider the surrounding area before making your final decision. Things like schools, parks, transportation, and amenities are all factors that can influence whether you buy or not.
Protecting Your Home
Before you sign on the dotted line to solidify the purchase of your new home, you should get a home inspection to make sure there are no hidden problems or repairs. Usually your realtor (if you’re using one) can recommend a home inspector, but other times you may need to find one yourself. In general, it should be someone that is trustworthy, has the proper certification and experience, and can provide references.
Make sure that your new home is protected by investing in home security. Some home security factors can be addressed before the home is purchased, like making sure the home you choose is located in a safe neighborhood. However, many new homeowners overlook little things, such as changing the locks if the house has been owned before. Some homeowners also choose to install a home security system or surveillance cameras for extra peace of mind.
Getting homeowner’s insurance is a very important step for protecting your home. Insurance policies for homes can vary the same way that they can vary for vehicles, so it’s important to not only shop around, but take the time to meet with an insurance agent and go through your policy options.
Home maintenance is a big part of protecting your new home. Regular maintenance can help prevent problems and keep your repair costs down. Taking the time to schedule what needs to be done as well as recording the details of your home and taking changing seasons and weather into consideration is worth it in the long run.
Tips and Tricks for Homeowners
The responsibilities of homeownership may not be immediately obvious to someone who has just purchased their first home. Maintenance can be costly and is always ongoing, and if you want to build something new on your home or property (like a patio or deck) you most likely need to secure a building permit from your local municipality. A new house is a work in progress and it takes time for it to become a home.
Before you decide how you are going to go about buying a new home, it helps to get some practical advice. Real estate experts can give you insight on things like emerging real estate trends, what buyers are looking for in a home, and home maintenance.
The lower the mortgage cost, the better. Learning how to shop around for the best rates and knowing what you are in for with mortgage debt will help you feel confident that you made the right decision with your first mortgage.
Asking the right questions when buying your first home can make an otherwise confusing process easier. If you go into the process understanding exactly what a mortgage is, the chances of getting the loan rate you want, and the types of lenders are available to you, it will help you make the best possible decision for your situation.
Becoming a New Homeowner
Armed with the information and knowledge you need, you’re on your way to becoming a new homeowner. It’s always a good idea to do your own research and gather all the information you can to aid you in your quest for a new home. While it can be a long process, owning your first home is a huge milestone and a rewarding experience for many.
What are your top tips for purchasing a new home? Let us know in the comments!