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What Questions Should A First Time Home Buyer Ask – Going from renting to buying is a big life decision, but it doesn’t have to be stressful. The key to making sure your first home purchase goes smoothly is to prepare properly and know what to expect on the road to home ownership.
There will be many new details that will emerge once you officially start looking for a home and work with a real estate agent to purchase your new home, but right now your main goal as a potential home buyer is to clarify so that be able to determine if now is the right time to buy and, if so, understand what you’ll need to get started. Think of this stage as the “buy-in” stage, where you build the confidence and knowledge you need to move forward.
What Questions Should A First Time Home Buyer Ask
Read on as we reveal expert advice on how to start the home buying process, including specific questions that can help you determine if you’re ready to be a first-time home buyer.
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Now that you know the general steps and considerations involved in starting the home buying process, let’s break down each of these tips in detail. We hope this can help you learn more about how to get started on the road to home ownership!
Continuing to rent or buy a home is an important concept to analyze as a team. Below are some topics for deciding if home ownership is the next logical step in your life.
By buying a home, you can build a stable foundation and a place to grow. If you have a baby on the horizon, buying a home can serve as a way to plant roots for your future family. Even thinking about pets like a dog can open your eyes to home ownership with the flexibility of your own backyard. How do you like your job? Do you see yourself staying in the same position or in the same job market in the future? Buying a home and then moving right after is not an ideal situation to find yourself in.
If you like to be in a new place every few years, then buying a house may not be the best lifestyle for you at this time. If you fear jumping from apartment to apartment, then your doctor may recommend permanent home ownership.
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Buying a home is a way to create wealth for yourself. Home value can increase over time through equity and appreciation. If this appeals, then home ownership could be a great choice!
Buying a home is a clean test, a blank canvas. You can paint walls, tear down walls, build new walls. Home ownership gives you the tools to improve your property the way you want. If you hate the thought of changing light bulbs, fixing a leaky faucet or mowing the lawn, then home ownership may not be for you. While this does not preclude buying real estate, it does make certain types of real estate more attractive, such as condos or townhouses.
Buying a home can be a long and stressful time for a couple. Make sure you and your husband focus on the home buying process. If you’re stressed about other life factors, putting off buying a home for a while might be a good idea.
You’ll want to collect all of your bank statements to get a pulse on your available cash.
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Do you have an investment account? It’s a good idea to get a video of them because your lender may want to watch them.
You’ll want to determine if there are any financial plans or goals that take precedence over buying your first home. Do you have existing student debt or high-interest loans that you want to pay off soon? Are there investment goals you need to plan for, such as a 401k/IRA or periodic contributions to a brokerage account? You’ll want to break down each financial goal and how it will fit into your monthly finances as a team.
You will want to determine how much of the house you can afford. There are a number of rules you can follow to give yourself a good measure of how much house you can afford. A general rule of thumb is to calculate 25 to 30 percent of your combined monthly income. Use this number as a comfort zone for your monthly mortgage + taxes + insurance for your new home. Bankrate and Zillow also have several calculators that can help you determine these numbers.
Most buyers will need to work with a lender to obtain a mortgage in order to complete the home purchase transaction. There are a few things you’ll want to check and fix (if necessary) before entering the home buying process.
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You should be aware of your and your spouse’s credit history. Fortunately, in today’s digital age, this is not too complicated to achieve in a short period of time. Since 2003, everyone in the US has had FREE access to one credit report per year from the three reporting bureaus. You can also spend some money to get your FICO score from all three agencies.
If you find anything wrong with your credit history, try to fix the problem before you start working with a lender. Maybe your report shows a late payment on a credit card that you’ve already paid off with the card, or your bank made an account error that caused an overdraft problem. You will want to file a dispute directly with the filing office that shows the error.
You must verify that you have at least two active trade lines in the past 12 to 24 months for FHA loans and at least 3 for conventional loans
If possible, try to avoid closing older but active credit accounts. If you keep using them from time to time and pay them off promptly, they will boost your credit score. Try not to open new lines of credit or do multiple credit checks before buying a home. This will affect your credit score and can cause problems with your lender when you are trying to get a mortgage. Avoid big purchases like new cars or furniture. If you need to make an important purchase, if possible, try to buy with cash only. Keep your money where it is. Do not close checking accounts and do not move large sums of money. These types of activities would require a detailed paper trail for your lender, so it’s easier to avoid them if possible.
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Once you start meeting with the lender, you will find that they need documents from you, lots of them for that matter. Better to get everything in order now than weeks before closing when time is no longer on your side.
Now we come to one of the best parts of the home buying process. You can record your dreams and wishes for your new home. It is essential to know what is needed for your home, but it is also good to have some criteria that you can live without or improve later.
When thinking about a home from a skeletal perspective, these are typical features that define the ideal “bones” for your desired home. You can change things like carpet, paint color, and ceilings in a home, but it’s much more expensive to replace the bones in a home. How many bedrooms do you need now and how many in the future? Think about future children or family who may live or visit often. What is the ideal number of bathrooms for your home? Do you need more than one bathroom to get ready in the morning, for example? Do you have storage requirements? Do you want extra rooms for hobbies, work or gym? Do you have cars that need to be parked in your new home? What is the ideal number of parking spaces? Worried about uncovered driveways or need a covered garage?
Determine what home styles you like and dislike. Determine the types of housing you would like to live in and the types of housing you would avoid. You may only consider two-story homes and want to rule out ranch-style homes. Make notes of your likes and dislikes to narrow down the list. Don’t be afraid to keep an open mind as you can work out the details once you start planning the shows. Also consider the ideal floor plan for your new home. Where do you want the bedrooms to be? Do you like open concept homes?
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Apartments – If you hate an apartment, you probably won’t enjoy owning one. Owning an apartment is the closest thing to renting an apartment. You will share walls with your neighbors, have a shared parking lot and other common areas. You will also be subject to a Home Owners Association (HOA). If you want to live in a densely populated area like downtown or Minneapolis, then buying an apartment may be one of the options.
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