buying a home with little money in savings

Thinking About Becoming A First Time Home Buyer? 3 Preparations For The Best Possible Experience

by Fernando Moore

For those who have been renting a home or apartment, the decision to purchase a first home is an exciting time in life. But along with the freedom to paint the walls in your favorite color and plant trees in the yard comes the responsibility for meeting the mortgage payments and paying for repairs when something goes wrong. If you have decided to begin the process of buying your first home, take time to do the following preparations first to make sure that you are truly ready to become a happy homeowner.

Make sure that you are financially prepared for home ownership

The first thing to consider when preparing to purchase your first home are the financial aspects involved in purchasing and owning a home. For the best possible home buying experience, first time buyers should:  

  • take time to determine how much home you can comfortably afford, and make sure that you have savings sufficient to cover the down payment, closings costs, moving costs, and a cushion for emergencies after you move into your new home
  • consult with a lender, choose the right mortgage, and get preapproval before beginning to look for the home you want to buy 
  • make sure that your employment and income level is stable and expected to remain so for the foreseeable future

By making sure that your financial situation is secure before deciding to move forward with the purchase of a home, you will be better able to enjoy a less stressful home shopping and ownership experience. 

Research the area where you plan to buy your home 

Once you have made sure that you are financially prepared to become a homeowner, the next decision will be to choose the area in which you want to live. When considering the area, make sure that you choose a location that will be convenient for work, school, and other family commitments and activities. In addition, you will want to make sure the area you are considering is well kept and that the homes located there can be expected to hold their value well into the future. 

Hire an experienced real estate professional to guide you throughout the process of locating and buying your first home

More than any other home purchase, your first one will be easier and more problem-free when you can rely on the knowledge and experience of a trusted real estate agent. To find the best one for your situation, look for candidates who are active and successful in the area where you want to buy your home. Interview several, looking for one with a proven record of success in helping home buyers, excellent references from past clients, and a policy of maintaining communication with their clients before making your choice and officially beginning your home search.