Buying your first home can be scary and stressful, yet it can be exciting and one of the most significant investments in your entire life. There are a thousand things to consider when deciding to take the plunge into home ownership. The list of potential issues, questions and concerns is endless, which is why we are here to help. The following list is composed of questions and advise you can use to help calm your nerves about purchasing your first home.
Here are the top 3 considerations for first time home buyers.
Are YOU ready to buy a home?
I know this seems extremely vague, but asking yourself this question will really help you determine if purchasing a home is really your best option. You have to take every variable into careful consideration. Look at both your financial and emotional states. Do you have enough cash to cover a down payment, closing costs, repairs, insurance, utilities and a mortgage? There are so many costs to consider when buying a home, that it is extremely important to account for everything and then some. Take a look into your current debts as well. Do you have student loans or credit cards to pay off? The more financial detail you go into, the better you can forecast and fit buying a home into your budget.
Are you at a point in your career and more importantly, your life, to purchase a home? Do you plan on having a family? Are you established in your career? Are you willing to make lifestyle changes? These are all questions worth asking. Evaluating where you currently stand in your life is just as important as evaluating your finances. There is no doubt that your lifestyle will change. You can’t end a lease and leave or take flamboyant trips. Establishing your roots in one place is all part of the process. Buying a home is a great long-term investment, but you have to make sure that you and your spouse/significant other can emotionally afford it.
Should you use a buyer’s agent?
Another huge thing to consider is using a buyer’s agent. The main benefits of using a buyer’s agent is there is rarely any cost to you (it is covered by the seller), they will help you research comparable properties and help you search for a home that fits your needs. Click here to learn the benefits of using a real estate agent and to learn more about how to choose the right agent. Rather than calling the agent on every sign you see or digging through Realtors on Zillow, ask for a recommendation and begin your search with a Real Estate Agent from day 1.
Using an agent helps, but having an entire team of agents is even better. The Ferguson Team has an group of agents willing and able to help you out. Working with just one agent could take up precious time, so using a team is extremely efficient and beneficial. We have over 84 years of combined real estate experience under one roof, so there is almost no question that we can’t answer.
Are there any programs to help you buy a home?
There is nothing wrong with looking for additional help when trying to buy a home. There is a lot to think about, plan for and do before buying a home. There are several programs you, as a first-time home buyer, could use to your benefit. These programs offer low rates, grants, incentives and gift allowances to any first home buyers who qualify. There is no extra costs to you and you get some much needed help.
We offer a First Time Home Buyer Program that anyone can use if they qualify. We will connect you with one of the top first time buyer lenders and work through every step of the process with you.
To learn more, visit the link posted above, or call us at 970-673-0891.