First time home buyers have to face a few challenges, including the need to save for a down payment and having the financial stability to qualify for a home loan. It’s important for you to find the right balance between what you can comfortably afford and what you want in your first home. Here are a few tips to do so:
1. Know your market. Before deciding which specific neighborhood you want to live in, or what kind of home style you’d like to buy, you’ll need to have an idea what the price range of homes in your area is. Work with your real estate agent to identify a neighborhood that suits you that has homes for sale within your budget.
2. Shift your priorities. If location is your main priority, or if you particularly want to live in a specific neighborhood, you may need to compromise on the style or size of your home. For example, instead of getting a four-bedroom home with a two-car garage, you may consider a three-bedroom home with a one-car garage as a more affordable option that still meets your needs for space. Many first time home buyers may opt to buy a condominium unit because they can be more affordable and require less maintenance, but bear in mind that condos also have monthly condo association fees that will become part of your monthly housing expenses. You might consider looking for a home that has been on the market longer than other homes in its area. If a home has been on the market long enough, its seller may be more willing to reduce the asking price on it to make the sale.
3. Consider a fixer-upper. Some homes that only need cosmetic improvements such as fresh paint, landscaping, new carpet or window treatments can be a huge bargain. But be carefully when purchasing a fixer-upper, and always make sure you get a home inspection before sealing the deal, because you may end up having to having to spend a lot of money on improvements and repairs.
If you are planning to buy a home, let The Incorvaia Team make the process as easy as possible for you. Call us at 440-879-7130 today!
