Ready to Make an Offer? 5 Tips for First Time Home Buyers

You’ve finally established yourself with a fulfilling job and a new family. Your next life goal is to buy your first home. While you’re absolutely giddy at this prospect, you also realize how monumental a purchase you’ll make.

You and your family have done well so far—you’ve scoped out the neighborhood, you’ve decided on a few fitting houses, and you’ve even begun to do some packing. But what do you need to know about making an offer and finalizing the decision?

Read the following five tips to learn how to feel more confident as a first time home buyer.

1. Know Your Price Range

Of course you’d like to buy your dream home—that idyllic abode you’ve thought about since 1st grade. While you can identify what you love most in a home, you need to know what you can afford. Make sure that you understand the house’s full cost in addition to the monthly payment amount. Ensure that your income will sustain your mortgage payments.

2. Use a Mortgage Calculator

If you’ve only been exposed to paying rent for an apartment or condominium, the whole real estate vocabulary may seem daunting. Out of all the complex housing jargon, remember the importance of mortgage and mortgage loans. Your lender will require you to make multiple, steady payments on your new home with the help of a mortgage loan.

To get quick estimates for your down payment, closing costs, and other payments, plug in the appropriate numbers and percentages on a mortgage calculator. Make sure you use the appropriate mortgage calculator for the type of loan you are looking to take out. For example, if you have an FHA loan, make sure you use a FHA mortgage calculator. This will give you the most accurate mortgage calculation for your monthly payments on your FHA loan. You can find this handy support on a number of online websites.

3. Enlist a Real Estate Agent’s Help

When you begin the buying process, you’ll want a professional real estate agent to guide you through the financial dos and don’ts. This agent can also help you make an offer and close on your home. Negotiation is an essential part of deciding on an offer, and you’ll need an experienced helper to see you through the necessary steps.

4. Don’t Forget to Inspect the New House

Once you’ve made it through the financial fundamentals, you feel the excitement build as your move-in date approaches. However, don’t forget to check the home for interior and exterior damages or defects. Enlist a home inspector’s aid to receive a comprehensive look in and around the property. Serious problems may require you to retract your offer or even look at a different home.

5. Have a Vision for Your Home’s Value

The process continues even after you finally land the home you want. Your new home provides more than a living space—it can also generate market value, provided you do all you can to boost that value. Don’t get discouraged if you notice your home’s worth declines a few years down the road. Take good care of your new house, and don’t forget to update or renovate rooms, furniture, and appliances over time.

A new home unlocks many fresh and exciting opportunities for you and your family. When the time comes for you to buy your new house and enter the next chapter of your life, remember to follow these helpful guidelines.