4 First Time Home Buying Tips

Is it finally time to buy a home? Congratulations! This is the culmination of many years of hard work! As exciting as it is, you must purchase your first home with your brain and not your heart. If you let too many emotions take over, you may end up making a costly mistake. Consider the following:

#1 Think beyond a single family house for sale in Debary, FL. Very few people live in their first home for 30 years and pay off the entire mortgage. In fact, most people don't even live there for 10 years. There is a reason this is referred to as your "starter home." This is the house you start out with, not live in your entire life. Just because you eventually want three kids doesn't mean your first home must have four bedrooms and 2,000 square feet. For now, looking at cheap townhomes in Debary, FL will be ideal. Once you've lived in it for about five years and paid down some of the mortgage, you can turn around and sell it. You'll have a deposit plus whatever extra you get for selling this house to put towards a large home.

#2 You set your budget, not the lender. Some first-time buyers will get preapproved for a mortgage and then shop for homes based on the maximum they can borrow. If your mortgage company said you qualify for a certain amount, they must be right...right? Not quite. Doing this is probably going to stretch you much more than you realize. Your lender takes some things into consideration, but not every aspect of your lifestyle. They don't calculate how often you take trips back home to visit your family, get coffee on the way to work, or buy expensive organic groceries.

#3 Think about the neighborhood, not just the house. First-time buyers tend to make the mistake of thinking about what they want inside the home, like wood floors, instead of other factors regarding the neighborhood and surrounding community. If you love to ride your bike, is the home in a neighborhood with a path that makes it possible? What will your work commute be like? Is the backyard big enough for your Golden Retriever? What does your next door neighbor's house look like? Answering these questions are crucial to whether the home will realistically work for you.

#4 You're not done putting money away. You've been saving for years for your new home. Now what? You keep putting money aside, that is what! With homeownership comes major unexpected expenses, such as replacing the roof, putting a new fence in, or getting the water heater replaced. You never know when a massive storm will blow the screen out. Start an emergency fund for your home so that you won't be caught off-guard when these costs arise- when, not if.

When looking to buy a single family house for sale in Debary, FL, it is important to consider all of these factors. You want a great home and that is exactly what you deserve!

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Created on Dec 23rd 2020 07:14. Viewed 407 times.

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