Tips for the First Time Home Buyert

By on October 14, 2013

First time home buyers program

Buying a home for the first time can be one of the biggest decisions you’ll ever make. A house can be a great long term investment that helps you build wealth, but it can also be labor-intensive and expensive. If you’re in the market to buy a new home, there are many things that you need to take into account before you even start looking for the house of your dreams. From getting your credit in order to calculating what you can actually pay and getting first time home buyer loans, there are many steps that go into buying a new house. So here are some tips for new home buyers to help you find the house that is just right for you.

Before you even start looking for a house there are several items that should be on your buying a new home checklist that will ensure you find the right home for you. Buying a home can be a big commitment, so you should first make sure that you can stay put in one location for several years. Given the transaction costs that go along with buying and selling a home, you could end up losing money if you decide to sell too soon.

Once you’ve decided that you’ll be staying put for a while, you should get your credit in line before you apply for any first time home buyer loans. You will want to make sure your credit history is as clean as possible. So before you start house hunting, obtain copies of your credit report and ensure they are accurate. Be sure to take care of any problems you discover.

The next steps before you start looking for homes for sale is to find out how much you can afford, and making sure you don’t search outside of your price range. There are plenty of calculators available online that can help you determine how much house you can afford. However, the general rule of thumb is that you can afford two and a half times your annual salary. And even if you can’t afford the normal 20 percent down payment for a home, you still may qualify for a loan. A variety of lenders offer first time home buyer loans with low interest and down payments.

After you have the majority of your finances sorted, it’s time to actually start looking at homes for sale. One of the universal first time home buyer tips is to looking for houses in a good school district. Even if you don’t have children in school, school districts will greatly affect the value of your property. If you plan on reselling your home eventually, you will notice that most buyers are looking for homes with good school districts. For more information, read this website.

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