Save for a Down Payment & Closing Costs
Your ideal house may come along at any time, so you’ll want to be ready. When getting a loan, there are fees such as closing costs you’ll need to pay for yourself, while the bank may additionally require a down payment. Many apps can help with budgeting and tracking expenses to help you save for your new home. Using a mortgage calculator can help you determine how much money you’ll need to have each month to make house payments.
Don’t Overextend Yourself
Naturally, you want your first home to be just right. Be wary of overextending yourself though, as this could cause a struggle to keep up with mortgage payments. Keep in mind that everyone has a starter home. Most live in their first home an average of 13 years. Once you get into your home, you’ll discover other features you would like to have in your next home.
Think About the Long-Term
Consider the long-term factors that influence the type of home you need, and its location. Factors could include starting a family, quality of schools, local job prospects and more. Once you are aware of the long-term factors, it will help you decide on the best community and the right home.
Choosing Your North Texas Realtor
As a first-time home buyer, the realtor you choose is particularly important. D&R Home Solutions understands the needs of new home buyers and the importance of working together to find your first home. Here are some of the important aspects a realtor covers.
- Local Knowledge
- Negotiation Skills
- Recommendations and Testimonials
Getting the Right Price for Your New Home
Negotiating the price you’ll pay for your new home is an important component, and having a qualified and experienced realtor is essential. A realtor familiar with the area will understand the home values in the area and how the homes are selling, and will be able to secure a fair price.
Make a New Home Owner Budget
It is not only the house that will require investment. Once you get into the new home, you’ll need to purchase items you might not own, such as a refrigerator, stove, washer & dryer. Additional items like trash cans, cleaning supplies and lawn equipment can add up quickly. You don’t want to end up in a beautiful home, and be unable to properly take care of it. Make sure you have a plan and budget for purchasing these items as you need them.