Your First-Time Home Buyer’s 3-Step Checklist

Posted June 14, 2020 by in Lifestyle
suburban home

So you’re trying to buy a home for the very first time? It’s quite the daunting task, but it’s also a rite of passage. Once you’ve been through the stress and worry once, the process will become easier. But it’s quite a large financial decision you’re making, you don’t want to get it wrong. You may not be able to afford to make it wrong if you have a growing family as well. 

Those who are seeking to buy their first home, need to take their time, do a lot of research and make sure they have ticked everything off this list. To help you on your first home buying journey, here are three steps you shouldn’t miss: 

The Ball and Chain

It’s incredibly important to not rush into things when you’re about to buy a home for the first time. This does mean, not having any kind of ball and chain, wrapped around your ankle. In other words, don’t be in debt. You’re already going to be taking on a mortgage which could be something you’re paying off for 10, 20 or 30 years.

If you’re already in debt, too much money will be leaving your bank account, and this could mean you aren’t living in the house for very long. It could also mean that no mortgage company is comfortable giving you a loan unless it’s at a higher rate.

Speak with Altrua Financial to see what kind of options you have if this matches your situation. They offer discounted short-term mortgages which may be more suitable for you, such as their 5 year fixed rate of 1.99%. They have a 3 year special for 2.09%. 

Don’t Aim Too High

This is your first time buying a home, don’t aim for the ceiling. You should only purchase a home that is in your wealth bracket. So many first-time buyers think they’re going to remain in the home for years and years but it could only be 2 or 3 years.

Many first-time buyers are young families with two working professionals. Your job circumstances might change, your relationship might take a turn for the worst or your heart could change on the location.

If you have signed up for a large mortgage, you will feel trapped in a home you can’t afford and don’t like. So much like a first car, it’s okay if it’s not the best you can afford for now.

 

Don’t Act Like a Newbie

If you walk into any sort of real estate company and act like you’re new to the property world, you could be taken advantage of. It’s a sad fact of life but sometimes people want to rip you off. Don’t tell anyone that this is your first time buying a house, act like you know exactly what you’re doing. 

You shouldn’t be afraid to ask questions but don’t reveal too much about yourself if you’re asked questions too. This is especially important when you go to view homes. The seller will increase the price if he or she thinks you’re able to be fooled that you’re getting more than your other options.

These three simple things will keep you on the straight and narrow. Good luck!