I was a "1st timer" about a year ago, and it was such a fun, yet admittedly scary, experience! I love working with First Time Home Buyers; you all are one of my favorite groups to counsel! I will never take advantage of any of my clients or the other parties' involved, and I will make sure you are making a well-informed, smart, and financially feasible decision. Don't worry, everyone gets cold feet before big decisions. This is normal, so please don't let it prevent you from buying a house that you truly love!
Here's some helpful tips for First Time Home Buyers as you start the next stage in your life.
1. Be choosy, yet realistic.
You may not actually find the perfect home.
2. Do you homework before looking at homes.
Determine what features are most important to you.
3. Get your finances in order.
Check your credit score & prepare for a down payment and closing costs.
4. Get pre-approval from a bank.
You can talk to a lender now, or I can contact my usual brokers & see what they can do for you. Nowadays, you definitely need that pre-approval letter. We submit the letter with all purchase offers on homes.
5. Know your move-in date.
When does your lease end?
Are you allowed to sublet?
6. Think long-term.
Are you looking for a starter home, or something to stay in a little longer? This could influence your decision on mortgage terms, as well as the type of home you pursue.
7. Don’t become “house poor”.
Buying the most expensive house you can afford may leave no money for maintenance, decorations, or renovations. Don’t let your mortgage payment exceed 30% of your monthly income (28% to be safer).
All of my clients get a free Home Warranty at closing (which ranges from $455 - $655 dollars). This is good for one year, and covers almost everything in your house - from the dishwasher to the air conditioning. If something breaks, they will either fix it or replace it, for just $60 per incident. I recommend this so highly to my first time home buyers, especially because of limited finances, and limited home maintenance experience. It can also help with anything the home inspector found, but the sellers didn’t fix before closing.
Here's some helpful tips for First Time Home Buyers as you start the next stage in your life.
1. Be choosy, yet realistic.
You may not actually find the perfect home.
2. Do you homework before looking at homes.
Determine what features are most important to you.
3. Get your finances in order.
Check your credit score & prepare for a down payment and closing costs.
4. Get pre-approval from a bank.
You can talk to a lender now, or I can contact my usual brokers & see what they can do for you. Nowadays, you definitely need that pre-approval letter. We submit the letter with all purchase offers on homes.
5. Know your move-in date.
When does your lease end?
Are you allowed to sublet?
6. Think long-term.
Are you looking for a starter home, or something to stay in a little longer? This could influence your decision on mortgage terms, as well as the type of home you pursue.
7. Don’t become “house poor”.
Buying the most expensive house you can afford may leave no money for maintenance, decorations, or renovations. Don’t let your mortgage payment exceed 30% of your monthly income (28% to be safer).
All of my clients get a free Home Warranty at closing (which ranges from $455 - $655 dollars). This is good for one year, and covers almost everything in your house - from the dishwasher to the air conditioning. If something breaks, they will either fix it or replace it, for just $60 per incident. I recommend this so highly to my first time home buyers, especially because of limited finances, and limited home maintenance experience. It can also help with anything the home inspector found, but the sellers didn’t fix before closing.
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Buying a home is one of the biggest financial decisions a person can make, these are certain things that first time home buyers should know when they are in the process of buying a home.
Pia
Philippines properties for sale
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