Tips for First Time Home Buyers

Buying your first home is a thrill, but it is also important to stay grounded in what you can maintain in the long term. It is important to find a home that fits both your needs; physical and emotional; and your budget. Here are some real life tips for first time buyers.

The best time to buy is when you know you will very likely be in the same area with a stable income for at least a few years. Discuss your debt to income ratio with your realtor - the amount of debt you owe versus the amount of money you make - to find out how much you can realistically afford to spend.

No one wants to reduce their current lifestyle by too much to get into a new home, so sit down and calculate how much you are spending on bills, clothing, entertainment, travel and transportation. There’s nothing wrong with making a few cut-backs to buy a new house, but if those cut-backs are significant, think about looking for a house in a lower price range first to maintain affordability.

Get pre-approved for financing. That way, you know how much money you will be able to qualify for before you fall in love with a house you can’t afford, and you are also able to make an offer more quickly when you fall in love with a house you can.

Look for homes in areas with strong school districts. Whether or not you have school-age children, a good school district secures value for your home later on down the line if you decide to sell.

Check the prices of homes of similar size and quality in the surrounding neighborhood. Ask your real-estate agent if there might be any particular reasons a house would be listed higher or lower than other, similar houses in the surrounding area.

Hiring an experienced home inspector is an excellent investment. This way, you will be warned in advance of the possibility or even the necessity of costly repairs before you buy. Ensure electrical wiring and plumbing are up to current standards. Find out what maintenance the previous owner has done, and what may need to be done in the future so you can plan for it.