First Time Home Buyers : What to Expect
After all the saving, searching, and hoping, it may finally be happening - you're a home owner! But as a first time home owner, there could be certain costs or situations that you may not think about. So here are a number of things for first time home buyers : what to expect:
Know your true monthly debt amount: Sure, you know that with a home comes a monthly mortgage payment. But that is not the full extent of your monthly debt. Make sure you account for your property tax, higher utilities, PMI, plus your other debt in knowing your fixed costs.
Plan for the one-offs: What's more exciting than buying your first home? Buying new items for your home. But you need to plan for these items to stay within budget. Create a list of things such as a lawnmower, rugs, lamps, and other pieces that you wish to buy. Price them out and prioritize their importance.
Think ahead: Assuming you had a home inspection, take a look at the report - what improvements did the inspector suggest? All of these improvements require money, and that requires planning.
Address the stress: Yes, home buying is exciting, but considering all of the documentation, meetings, and funds required to make that purchase happen can lead to stress. You can minimize that stress with the help of the right real estate agent. They can guide you through the entire process of home buying, help understand the costs, and plan accordingly.