Tips for first time homebuyers
You’re through with the days of living with your parents, renting apartments and dealing with roommates. You’re moving on to the next stage of life and you’re ready to become a homeowner! While the process can be daunting and the hunt for the perfect house doesn’t always run smoothly, here are a few tips for first time home buyers. You’ll have the keys to your new front door in no time.
Use a multiple service listing (MSL) service to determine the average cost of homes in your desired area. Do your research of potential homes in your area and use a mortgage calculator to see how much your mortgage payment would be if you were to purchase the home tomorrow. Comparable prices will set the range of what you’ll face with your mortgage in terms of affordability.
A recent survey stated that 55% of homebuyers will go over budget. Your budget will drive your finances, and ultimately your quality of life. To avoid debt and a paycheck-to-paycheck lifestyle, make sure you don’t go over budget. Don’t forget to account for the unforeseen circumstances, unexpected delays, closing costs and ensure that you won’t overspend yourself.
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