1. Be picky, but don’t be unrealistic. Your first home may need a little work, some paint, carpet and perhaps some other updates. Remember, this is your first home and the first step in investing in your future. Don’t avoid a home because it has bright pink walls or ugly floors. Do avoid a home that may have structural damage such as rotted sills.
2. Do your homework before you start looking. Look online, work with a Real Estate Agent and begin the process of what style homes you like, neighborhoods and most important, the price range.
3. Get your finances in order. Organize your bank accounts by having all of your funds in one or two different accounts. Review your credit to make sure any and all accounts are up to date.
4. Don’t wait to get a loan; Get pre-approved. Call me today, 978-273-3227, get approved ahead of time to make sure you are properly prepared and you are realistically looking in the right price range. This is a free service!
5. Don’t ask too many people for opinions. Just because your best friend bought and sold 3 houses, does not make them an expert. Ask the professionals that do this everyday.
6. Decide when you could move. Set realistic time frames of how quickly you could move into your new home. In the case of home purchases, some transactions can happen in as little as 30 days and some can take up to 6 months, you need to be prepared.
7. Think long-term. Where do you see yourself in 10 years? Are you buying to be in a good school system? Closer to work? Close to the City? Figure out what is important to you today, will these wants/needs still be important in 10 years? It’s ok to buy a starter home and then re-evaluate in 5 or so years. This is an investment and it’s your future.
8. Don’t let yourself be “House Poor”. Don’t over buy, your first home does not have to be 5000 square feet. You want to make sure you can still live your life and afford to go out to dinner.
9. Don’t be naive. If you have never swung a hammer, don’t by a fixer upper. Do your homework on what updates to a home cost before purchasing a home that may need TLC.
10. Get help from a real estate agent. This is your best resource for your home purchase. To be properly “matched” up, call me as I work with real estate agents all over and can refer you to one that best suits your needs.
Bottom Line: Being a first time home buyer can be a scary uncertain time in your life, seek help from trained professionals to get the best most up-to-date information.
At Merrimack Mortgage, our mortgage programs are designed to assist the many different needs of each unique individual’s needs.
Call or email me today to find out how I can assist you in financing a new home or refinancing your current one.
Bill Nickerson NMLS#4194 179 Great Road, Acton MA 01720