The day has finally arrived when you think you’re ready to buy your first home. Perhaps you just got married, maybe you finally got the job promotion you’ve been waiting for, or maybe you’ve got a little one on the way and are ready to break free of the rent cycle. Whatever the case may be, owning your own home is part of the American dream- and for good reason!
Even if you don’t plan on living in your new home for the rest of your life, buying a home means you have equity you can tap into later. You can sell the home, rent it out, or pass it on to your children. Unlike with renting, the money you use for your monthly mortgage payment actually goes towards having something you can call your own. That means keeping it, selling it, giving it away, or tearing it down if that’s what you feel like (well, with the exception of selling it, you’ll have to pay it off before you do anything TOO drastic). Sounds great, doesn’t it?
Well, there are a number of things to consider before you ever even pack your fist box into the car.
Like, where do you begin? Do you know how much you can afford to take out for the mortgage? How much should you save for a downpayment? Are you pre-approved for a loan? Are there multiple possibilities for a new location or does it need to be very specific? What documents are you even going to need for this process? Do you need a real estate agent?…
Woah! Ok- So,there are obviously a number of questions; some you may not even have thought of yet. There’s a lot to know about what will be expected of you in this process, and also plenty of places you may need help. If you’re just getting started, check out our easy home buying guide.
First-Time Home Hunting and Buying Guide
This guide goes through the process of finding and buying your own home, step by step. Once you know what kinds of things you will need to do, you can always change up the order a bit and do it your own way.
Think of it as a map that will lead you to homeownership.
Remember, the only wrong way to go about buying a home, is with no information.