Making the leap and purchasing a home for the first time is a huge milestone. Sure, it sounds daunting, but it can also be a very rewarding process. It doesn’t have to be all stress and anxiety. In fact, with some early planning and knowledge of what to expect, your home-buying experience can even be enjoyable. Here are the basic things you need to know before you buy and move into your first home.
Start Saving Early
According to HuffPost, the best thing you can do for both your credit score and your savings account is start planning early. You’ll have more home buying options if you have more money for a down payment. And, with a good credit score, you’ll be able to secure the best possible interest for your mortgage. Plus, starting early gives family members time to get their own finances in order if they want to assist you with purchasing your first house.
Consider that homes in Bethesda, MD, have an average sale price of $853,000. This means you’ll have to patiently and diligently save up the funds for a solid down payment. Don’t forget to save a bit more than just enough for your down payment. If something goes wrong with the house you just purchased, you want to have the money available to fix it.
Know How to Look for the Right Home
Searching for your first home is exciting, but it’s also extremely overwhelming. There are many things to consider, such as the size, the state of the home, and its location. Did you know that over 93 percent of millennial homebuyers use the internet to search for a home? There are several tools online that allow you to research and search for homes in your area, narrowing them down based on your exact requirements. Once you know what kind of home and neighborhood you’re looking for, you’ll be able to make up a list of homes to check out in person so you can determine the one that’s best for you.
Find a Great Realtor
Real estate agents help make the home-buying process much easier, especially for the first-time buyer. Before you pick a realtor, make sure you know what to look for. A great realtor is someone who really cares and listens to your desires. They will offer suggestions to you, help you understand everything about the buying process, and have a vast knowledge of the market you’re searching in. This means they should know about the community, the market trends in the area, and the financial options available for your big purchase. Your agent can teach you about the buying process rather than simply trying to get the most money out of you.
Make Moving a Breeze
Moving is a headache no matter how far you’re going or how much stuff you have. However, you can make it easier with some thorough planning. Create a list of everything that you need to do and designate enough time to pack up all your belongings. Make sure you pack a box full of moving-day essentials so that you have everything you’ll need throughout your first day and evening at your new house. This includes toiletries, bed sheets, snacks, and important electronics. If you like, hire a professional cleaning team ahead of time so you can move your furniture in right away without having to clean first.
Once you get to your new place, HouseLogic recommends changing the locks and then getting familiar with your circuit breaker and main water shut-off. This will help you avoid headaches when you blow a fuse and can’t find the right breaker switch to flip.
If you’re ready to buy your first house, congratulations! If you need more time to save up for a down payment, that’s okay too. The best time to buy a house is when you’re prepared both financially and emotionally. Don’t rush into the buying process. Instead, take the time to plan carefully and your first home buying experience should be a positive one!
If you’re considering a move, please give Robyn Porter a call. She and her team are ready to help! 703-963-0142 or 301-320-8349
By Jim McKinley for Robyn Porter.