Three Tips For First Time Buyers

The process of buying your first home is a big decision to consider and certainly comes with a lot of excitement. Sometimes it can be overwhelming but rest assured it can have the power to change your life for the better. If you are beginning to think about buying a property in the near future, here are a few strategies that can help arm you as you pursue your dream home.

1- Consider different property options

The real estate market today has more buyers than available properties across the landscape making for some stiff competition still. When this is the case it is smart to consider all of your home style options to open up your lot of options. For example you may be ideally looking for a single family home, but condos can sometimes be more budget friendly especially as a first time buyer. Most regular maintenance and upkeep are all taken care of for you in a consistent fee making budgeting easier for you.

2- Calculate your comfortable down payment and add some more

It may be true that a down payment can be a lot of money, but it doesn’t mean that it has to be 20% down. Data from NAR (National Association of Realtors) shows that the median down payment hasn’t been over 20% in over 15 years. It has been more like only 13% which could mean you may not have to save quite as much as you had originally thought. Also, there are a few down payment assistance programs and some loan options out there that only require 3.5% down. There is the benefit of not paying PMI on top of your monthly payment with 20% down but consult with your lender about what options are available to you.

3- Hire professionals

When you are ready to start the process, connect with a real estate professional such as myself. I can help you through the steps of what is required starting with getting pre-approved with a trusted lender. Then we can discuss your needs and apply that to the local market so that we can find you the best home possible.