Shorewest Shares: Nine Tips For First-Time Home Buyers

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SS3Tired of renting? Now is the perfect time to purchase your own house! If you are just beginning to look for a new house, or already narrowed down your choice, you may be eager to place an offer, especially if it’s your dream house.

Before you write an offer, make sure you have investigated the house and neighborhood, so you can be 110% sure you see yourself living there. It might seem intimidating and overwhelming, but here are nine tips for first-time home buyers:

  • Pre-approval is key. Before you even look at a house, you should get pre-approved for a home loan. This will help you figure out what you can afford and what your monthly loan payments will budget out to. Talk to a Wisconsin Mortgage Corporation Loan Officer today!
  • Interest rates are low. The average mortgages interest rates are at historic lows right now. Imagine what it was like purchasing a house in 1980 — interest rates were almost 17%!
  • Needs VS wants. Make a list of things that you want your home to have and rank them in order of importance. Your Shorewest Real Estate Agent will be able to help you narrow down what your new home needs so your time isn’t wasted.
  • Budget. You may be pre-approved for a certain amount, but that doesn’t mean you need to spend all of it. Knowing what your monthly income is based on your monthly bills is important to see what size home you purchase.
  • Post-purchase budget. It doesn’t matter how big or small a renovation project may be, you should always make sure it’s in your budget. If not, the house you are looking at may not be the one to purchase.
  • Location, location, location. Make sure you enjoy the neighborhood first, and then the house. Even if you’ve done your research already, it’s always worthwhile to search local newspaper websites, local government sites, community sites and blogs to find out about your community, upcoming developments, schools and more.
  • Visit the home at different times of the day. Visit on a week day, week night and weekend to see how quiet or active the area is. While you’re visiting at different times, test your commute as well. You can determine how much of an impact traffic has on your enjoyment of your new home.
  • Talk to the sellers. You can ask about renovation projects, the community and the house.
  • Ask about taxes, homeowner association dues, insurance and utility bills. Your monthly housing payment will be more than just the mortgage. Don’t forget to include taxes, insurance, homeowner association dues, utility bills, etc.

When you’re ready to find your dream home, contact a Shorewest Agent today.

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Categories: Home Buying

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