5 Tips for First Time Homebuyers
This handy list of five tips for first-time home buyers is sure to help you find the perfect place to settle in.
Buying your first home can be an exciting experience. However, it can also be nerve-wracking to navigate the home-buying process and find the house that is right for you. This handy list of five tips for first-time home buyers is sure to help you find the perfect place to settle in.
1. Think long-term
Before you begin looking for your first home, think about your long-term plans. Are you looking for a house that you’ll want to live in for just a few years or are you in search of something more long term? If you are planning to live in your home for a short period, resale value should be on the top of your mind. In the event you’d like to raise a family in your home and live in it for many years, factors like school district should be on your radar.
2. Budget for all expenses
Many first-time homebuyers only look at their monthly mortgage when they budget for a new home, but that doesn’t give you the full picture of your future household budget. Also consider other fees, such as closing costs, property taxes, homeowner’s insurance, utilities, and commuting and maintenance costs. By budgeting for all these expenses, you’ll be able to determine whether you can comfortably afford a house.
3. Look beyond the decor
Some of the houses you will look at during will be decorated and staged well, while others will not. Rather than solely focusing on the current homeowner’s decorating style, think about the things that aren’t changeable, like location and footprint. Unattractive wallpaper can easily be removed, but changing your neighborhood or lot size is permanent.
4. Take advantage of first-time homebuyer grants
In Wisconsin, there are a few first-time homebuyer grants that can make it easier for you to afford your first home. Borrowers must meet certain income and pricing limits to qualify, so be sure to research the terms of the grant carefully.
5. Don’t rule out fixer-uppers
A fixer-upper can give you the opportunity to buy an affordable home in a desirable neighborhood. By investing time and money into renovations, you could end up with the home of your dreams. While you may be able to handle paint and minor repairs on our own, make sure to use a professional remodeler for extensive projects, like bathrooms, kitchens, and basements as sub-par DIY handy work can diminish your resale value.
These first-time homebuyer tips will make it easier for you to find a house that you love at a price point you can afford.