First Time Home Buyer What To Consider
If you are a first time home buyer here are four Important Questions to Ask If you're finally ready to purchase your first home, you may be feeling a bit overwhelmed. There are many different types of housing available out there, and it can be difficult to know where to begin. Before you contact a real estate agent and start looking at places, there are a few important questions that you should ask.
1. What Type of Home Do You Want?
It probably goes without saying that you should know what you're looking for before you begin to look, but many people make the mistake of talking to an agent or browsing listings without putting much thought into exactly what they want. There are many beautiful homes out there, and at first glance, a lot of them may seem suitable. However, buying a home is a long-term investment and you really should think about what you will need to be happy over the next few decades. For example, if you are looking at Alexandria homes for a small-town feeling close to Washington DC, that little hilltop two-bedroom house located in one of the gorgeous neighborhoods there may provide you with excellent views, but will it still serve you 10 years from now when you have three children to share the space with?
2. How Much Work Are You Willing To Do?
As a first time home buyer, picking a fixer-upper is a great way to save money on the initial price of the home, but some of those savings may be cancelled out by the costs of remodeling. If you're the type to really enjoy do-it-yourself projects, this might be the best route for you, but be realistic about the time, money and energy that you will have to put into fixing up your new home. Also, be sure to spend plenty of time educating yourself and learning from the experiences of others. There are many blogs that document the ups and downs of remodeling an old home, and they should be able to give you a good idea of what the process is like.
3. What Can You Truly Afford to Spend?
Being clear about the limits of your budget is just as important as knowing what you want, especially considering the fact that many banks will be willing to loan you more money than you're capable of paying back. When looking at your budget, be sure to take into account your total monthly expenses, not only the house payment. When in doubt, it's always better to overestimate.
4. Do You Have a Real Estate Agent That You Can Trust?
Once you know exactly what you want and how much you're prepared to spend, it's time to contact an agent. A good agent will spend some time getting to know you and begin searching for homes that will be a match for your unique situation. He or she will also help you through the negotiating process and protect you from any potential issues that could come up during the purchase. Buying your first home will be a milestone of your life. Sorting through the process can be confusing, but when you are clear about what you want and have the right person to guide you along the way, you will be sure to end up with a home that will make you happy for many years to come.
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