Ready to make the move from renter to homebuyer? Owning a home is a smart investment but the idea of buying your first home can seem as daunting as it does exciting. Not only will it probably be the biggest purchase of your life but navigating the process can feel complicated. Buying a home often involves unfamiliar terms and unexpected expenses but for the informed homebuyer, it’s a rewarding new adventure. Don’t let any anxiety you may have get in the way of your dream of homeownership. Here are five tips to help you navigate the process like a home-buying pro.
Find professionals you trust From your lender to your builder, working with professionals you trust is an important first step. If you’ve never applied for a mortgage or built a home, a reliable and experienced team makes the process easier.
Know your limits Sticking to your budget is important. Understanding what you qualify for and monthly payments you are comfortable with, set the parameters for your home search. Your lender will help you figure this out.
Condo vs. single-family A single-family home is ideal if you’re looking for lots of room but it also can come with quite a bit of maintenance. Condos and townhomes require less maintenance but have homeowners’ association fees and offer less room. Looking at your lifestyle can help you determine the best fit.
Take your time Don’t settle on the first house you visit, take some time to find the home suiting your budget and lifestyle.
Buy for tomorrow It’s important to look at properties meeting your current needs but buying a home is a long-term investment. If you plan to start or expand your family, you may want to consider a larger home to grow into.
Need help finding experts to help you find your first home? Contact NoCo HBA at (970) 686-2798.