Tips to Help You Purchase Your Dream Property
First Time Home Buyers
First-time home buyers should consider not only the home they're looking at, but also the neighborhood. What are the schools in your new neighborhood like? How convenient are shopping and entertainment sites? Questions like this are important to ask so you can establish or maintain a lifestyle that works for you.
Many large cities, like Salt Lake City, Utah, for example, have many excellent sub communities that can be less expensive to live in than the downtown area. Its worth checking into areas like, Draper, Midvale, Sugarhouse and Bountiful if you are looking for houses in Utah for sale. Likewise, most other major cities have great houses for sale in the outskirts of the major city.
An important real estate tip for first-time home buyers is to carefully consider how much they can safely spend. While it may be that a bank is willing to offer a larger mortgage amount that a buyer initially expected, that does not mean it is wise to utilize the full amount. A good rule of thumb is to spend no more than 30% of monthly gross income on loan principle, interest, taxes and insurance on a home. Following this template is a good way to make certain the selected home is truly affordable for the long term.
For first time home buyers the process can be daunting so you should consider hiring an agent that is experienced and can help you along with the process. A buyer's agent is great in that they will save you a lot of time and provide you with listings which meet your specific criteria. In Utah, for instance, a Utah real estate agent that helps a buyer, or buyers agent, doesn't cost the buyer anything, since the agents wage comes from the seller.
First-time home buyers also have to make the decision whether to buy a starter home, or a home they are willing to live in for a long time. Nowadays, with the financial and job market so uncertain, and the housing market unstable, it would probably be a better idea to buy a home for a long period of time. Starter homes, which are usually not ideal for the family, might be hard or impossible to sell, and the buyer may have to live in an unsuitable house for a long time.
Many first-time home buyers make the dire mistake of failing to budget beyond the initial down payment. In most cases, moving and closing costs can account for as much as ten percent of your total loan amount. Prepare yourself by requesting an approximate estimate of costs from your mortgage broker or lender.
For first time home buyers, make sure that you know what you are getting in to. Buying a home can be a frustrating process and one that can make you broke. If you feel like it is too much for you, you can always wait until you are more stable.
Buying a new home can be scary, but it can make your life better in a number of ways. While finding the right home isn't an easy process, the advice in this article will make the experience run a little smoother. With these tips, you'll be the proud owner of a new home in no time.
Carina Coronel - About Author:
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