Deciding on buying your first home can be exciting and nerve-wracking – this is after all one of the most expensive purchases you will ever make. For first-time homeowners it’s a little tricky to know exactly what to expect and what you should look out for to make sure you get your moneys worth. We’ve taken some tips from real estate experts to reveal some of the best-kept secrets when it comes to buying your first home!
Be Realistic About Your Budget
Instead of being blinded by a beautiful open house you just went to, think realistically and take a good look at your monthly budget. Where exactly are you spending the most money, calculate your monthly costs and see what is leftover at the end of the month. This leftover money is what you will have for your mortgage, home expenses, and will help narrow down your home search effectively. If you can’t or can barely meet the payments, maybe it’s not the right time to move out.
Buy When You Feel Is Right
There are tons of first-home buyers that try to time the housing market. Trying to figure out when is the best time to buy and when prices will be up or down is impossible to predict. Some buyers end up placing their home buying search on hold in hopes the market will fall, and become surprised when prices rise even further. The best time for you to buy your next home is when you find a home you love and can afford.
Try to Buy in a Top 10 Zip Code Location
Buying a home in a must-wanted location must mean a few things: the prices are rising; it’s a safe neighborhood, a great investment, and good location. Realtor.com recently ranked the hottest zip codes for 2016 to be 76148 (Watauga, Texas), 94523 (Pleasant Hill, Calif), 80233 (Northglenn, Colo.), 80916 (Colorado Springs, Colo.), 78247 (San Antonio, 94954 (Petaluma, Calif.), and a few more zip codes that are seeing large populations of millennia’s eager to purchase a home there. Buying a home in a top zip code means you can get your money back or even earn some if you ever decide to sell your home. Homes in these locations are known to sell in just over two weeks, 53 days faster than anywhere else in the USA.
Know Exactly What You Are Buying
It’s easy to determine the borderline of a home that is in a subdivision, but when you are buying a home with a larger backyard or a little farther from the city, it is essential to get the land surveyed. Once you exactly know the property borderline, you can avoid potential neighbourhood disputes and complications.
Be Prepared for Homeowner Surprise Bills!
Most new home buyers solely focus on the mortgage of their home and if they can meet that single payment. When you are contemplating on buying your first home, you need to take into consideration extra costs that you are not signing up for. We are not talking about your mortgage, but other expenses that you could be hit with if you are not prepared. Repairs, renovations, plumber costs, property taxes, utilities, and potential property tax increases need to be addressed in your budget.
Make a Priority List
On a piece of paper, jot down your most important priorities starting with the most important as number one. Is a big backyard for the kids to play the most important or your proximity commuting to work? It’s not easy finding a home, but when you are working within a budget you need to make some compromises. One way to make sure you find a home with all of your top priorities is to look at a new home buying guide for North Carolina or whatever area you may be looking to purchase in.
Disclosure: This blog post was sponsored by Realtor.com