You have been mulling over buying your first family’s home for a while now, and chances are you have been dreaming about your family’s first home for even longer. Nothing can compare to the excitement and joy of purchasing your first home. While it’s a huge step to make, it’s also a huge investment in your future. How do you know you’re ready to take the plunge and have your own set of keys?
You know how to make informed decisions
You and your family should be able to make informed decisions and stick to them. If you can never decide on where you would like to live or what you want your bedroom view to be, it might not be the best time to buy your first home.
You have done your research
You have spent your time conducting research on the real estate market in your area, the buying process, and your financing options. You do not have to have it all figured out, but you should have a general idea of how the process will work and what is available to you.
Your credit score is in good shape
As much as it hurts, if your credit score is not in good shape, lenders will not offer you money. A good credit score shows to banks and lenders that you are responsible and prepared to make on-time loan payments. This is essential for buying your first home, as you do not have a history of owning property yet.
You have financial security and responsibility
In order to properly maintain a home and make loan payments, you need to have a consistent flow of income. Without constant funding, you will quickly get behind on your mortgage and other house maintenance.
You have a down payment and budget
A down payment, on average, is 20% of the buying price of the home. Depending on your budget, you will need to adjust this savings amount. If you have a big range of prices you are willing to pay, save for the biggest possible down payment you expect and use the rest for an extra payment or for remodeling costs.
You have an emergency fund
You should have an emergency fund for personal and home purposes, regardless of whether or not you are purchasing your first home. When your roof leaks or the car breaks down, it is important to have enough to cover the cost without dipping into your monthly mortgage payment.
You have little to no debt
Debt can include credit card debt, back taxes, or other outstanding loans. Taking on debt when you have a large amount of existing debt is never a good idea.
You are ready to take on your first home
You should be fully prepared to assume the responsibility and joy of a home. From lawn maintenance to repairing leaky faucets, it’s essential that you know what you are getting into before buying your first home.
We’ll Help You Every Step of the Way
Together, with your Simply Referable team, you’ll cut the right deal for the right price with qualified guidance every step of the way. Every team member is committed to selling your home and forming a lasting bond with your family. Thanks to our roots in the Maryland/DC region, we can help you find your dream home. Contact us online and give us a call at 410-983-9045. To see some of the stunning homes we work with, follow Simply Referable on Facebook, Twitter, Google+, Pinterest, YouTube, and LinkedIn.