Your First Home is an Important Financial Investment
For most people, buying their first home is the first major investment they will make in their adult lives. Because of this, we here at SMart realty wanted to list out a few tips to help first time home buyers make sure they are making a smart investment. Continue reading below to learn more.
Be Prepared When Buying a Home
When buying your first home, it is important, above all else, to be prepared. A house should not be purchased on a whim and by following the tips below, we here at SMart Realty believe that you will be adequately prepared when it comes time to buy a house.
- Know Your Credit: If you are like most people, you will have to secure a loan to purchase your first home. As a result, you need to be sure that your credit is high enough to a) secure a loan and b) secure a loan at a reasonable interest rate. If your credit is not exactly stellar, we suggest that you start as soon as possible in trying to repair it. Remember, fixing bad credit can take anywhere from six months to a year.
- Keep Your Money Static: When applying for a home loan, lenders need to have a clear paper trail that shows you are a reliable investment. To look as reliable as possible, we suggest that you do not make any huge purchases or move a large amount of money from an account for at least three to six months before you try to secure a loan. Additionally, do not open any new credit cards or amass a large amount of debt. Lenders factor in all of these variable when determining whether or not to lend you money.
- Buy A Realistic Home: When purchasing your home, establish a budget and stick to it. While we understand that most people want the biggest, nicest house on the block, this is not always a reasonable goal for first time home buyers. Buy the house you know you can afford right now, not the one that you think you’ll be able to afford in ten years. Remember, if you outgrow your home you can always upgrade at a later date.
- Inspect the Home: While home inspections are now the norm, we still felt it was important to note that you should personally inspect the home as well. Home inspectors are looking for major flaws in the home that could be an issue for a potential buyer. When you inspect the home, however, you need to pay attention to more domestic things. Is there enough closet space? Does the kitchen have a pantry? Are you going to have to rip out the carpet because it looks hideous? Many first time home buyers make the mistake of rushing through the home buying process because they want a home so badly. Make sure that the home you’re buying is that contains the must-have features for your style of living.
When you are ready to start your home buying journey, contact us today at SMart Realty. Our knowledgeable and experienced staff will help you purchase a Conway home that fits the needs that you have. Contact us today and let us help you find your home!