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4 Tips For First Time Buyers
Buying your first house is an exciting adventure. Here are a few tips to help you find the home of your dreams.
1. Find out how much home you can afford. As a rule of thumb you do not want to spend more than 30% of your gross monthly income on your mortgage. It is a good idea to add up all of your monthly expenses like car payments and credit card debt as well as gas and groceries to see what you total monthly debt amounts. This percentage should not be more than 46% of your gross income.
2. Get pre-approved for a mortgage. A mortgage lender will check your credit to insure that you have nothing holding you back from getting a mortgage. If there are any issues that come up on your report your lender should be able to walk you through the steps you need to take to clear the record.
3. Find a good real estate agent. When moving to a new area, your agent can help you find the best area to fit your families needs. Take their advise when negotiating the transaction to ensure that your goals are met. Look for an agent with a good track record of sales in the area you want to live, their web site should have access to all the listings in the MLS so you can shop for your new home all in one place.
4. Be realistic about the cost of renovations. Home improvement shows make it look easy to buy a fixer upper and make a huge profit, but it rarely happens that way in the real world. Get estimates on needed repairs before committing to buy the house.
With a little planning, buying your first home should be a rewarding experience. When buying along the Gulf Coast call the Griffin Group to find your buyers agent at 850.685.8595.
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