The thought of owning your own home is an exciting one. Many people dream of this, and work for years to make that dream come true. If you are a first-time home buyer, there are many things you may not have considered when you get the process started. It is important you know what you are getting into when purchasing a home so that you can avoid making some mistakes that can be painful. JMark Inspections is here to share some tips for first-time home buyers so that your first-time home purchase is a good one.
Ask for Guidance when Buying a Home for the First Time
If you aren’t familiar with the process when it comes to buying a home, it is best to not try and do it on your own. Find someone in your life that can help guide you through the process. If you don’t have anyone that can help you, consider hiring someone to help you get this job done. There are even attorneys or realtors that can be very insightful when you are going through this process for the first time and give you valuable advice and guidance.
Don’t Buy a Home that is Too Big
There have been several studies that show that people are steadily buying more and more house. Having a large home may be your end goal, but it shouldn’t be when you are buying your first home. This can end up costing you far too much money and getting you into financial trouble down the road. You should be spending less than 38% on your home each month to put things into perspective.
Large House Down Payment
It is always best to put some money down on the home you are trying to buy. It may sound tempting to jump into a loan that doesn’t require you to put any money down, but there are some things you should consider before doing that.
– To sell your home, it usually costs about 10% of the home’s value. If something were to happen, and you had to sell your home, you would want to at least break even. Putting money down helps you do that.
– If you owe more than 80% of your home, you will be required to pay for mortgage insurance. This can add hundreds of dollars to your mortgage every single month.
First Time Home Buyer House Location
You may have fallen in love with a home, but realized it isn’t in the best neighborhood or is located near a busy street. While you may be able to live with this, it could come to bite you in the end. If you try to sell your home and it isn’t in a great location, you will have a much harder time getting rid of it.
Buyers, Sellers Pre-Inspections, Maintenance Home Inspections in Pasadena, Pearland, League City, Sugar Land, The Woodlands, Conroe, Friendswood & Greater Houston, Texas
There are so many things to think about when buying a home. It is a big investment and should be thought out. Part of the process requires the help of the knowledgeable inspectors at JMark Inspections to help ensure you are buying a property in good condition. Call us today!