Are you in the market for a new home? If so, many people are finding that now is a great time to buy. Interest rates are low and there are still plenty of great deals out there. But, for first-time home buyers it can be an overwhelming process. Here are some tips for first time home buyers.
1. Find out comparable homes in the area you want to buy. There are a variety of websites like Zillow that can help you find out what you will likely pay for the home you want in the ideal neighborhood. Experts recommend doing a search of actual listings in your area to see what listing prices are. This is important because it can help you understand what you will need to pay to get the home you want.
2. Use a mortgage calculator to determine what your mortgage will be. Also, be sure to do some research to find out what your total monthly cost will be including homeowners insurance and taxes. Depending on where you live, these extra costs could nearly double your mortgage.
3. Hire experienced real estate professionals. It is important to have real estate professionals who understand the local market and can help you navigate the home buying process. Find a?Realtor?with a track record of helping people buy and sell homes in your area, and hire a real estate attorney to make sure that you are fully protected when buying your first home.
4. Make sure you aren?t going to be house poor. Many first-time home buyers get themselves into trouble by getting a mortgage they may qualify for, but can?t really afford because of other monthly expenses. Take a close look at your budget and figure out how a home fits into that. Most financial advisors recommend that home buyers spend no more than 28% of their monthly income on housing costs.
5. Understand the real estate climate where you live. While the big picture is important, when buying a home it is essential to understand what is happening in your neighborhood. While foreclosures may be on the rise nationally, home prices could be steady in your neighborhood. A local realtor or real estate attorney can help you understand whether prices are likely to fall soon, or if they?ll likely be on the rise. Of course, these are just estimates, but can help you decide if now is the time to buy.
Home buying is an exciting process, but it can also be overwhelming. It is important to have trusted real estate professionals on your side through the entire process. An experienced Marietta real estate attorney can look over your contracts and make sure your investment is protected. Call Almand & Cohen, LLC today to find out how we can help you navigate the home buying process.
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Source: http://www.acclosingoffice.com/5-tips-for-first-time-home-buyers/
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