How to Prepare to Buy Your First Home
You have been dreaming about owning your first home since you rented your first.
So long are the days of living under a demanding landlord. Long gone are the roommates, shared spaces, and rooms that never truly felt like yours. It’s finally your chance to find your dream home and invest in something more than just monthly rent payments.
This time is extremely exciting for young buyers, but it’s also typically an overwhelming experience. Most go into the home buying process thinking it will be easy, especially with the help of a realtor. Unfortunately, even the best realtor (such as ours!) can’t help you if you don’t help yourself. That’s why taking the time to prepare is equally as important to the buying process as the day you get your keys to your new home. Here’s how you can be prepared to buy your first home so that you get to actually enjoy the process and pop that champagne after the home closing:
1. Evaluate Your Budget
First and foremost…can you even afford to buy a house? Take the time to dive through your personal finances and evaluate your budget to make sure if now is the right time to make this big step. We know that “by your age” you should be ready financially, but sometimes you’re not. And there is absolutely nothing wrong with this! In your effort to keep up with The Jones’ just make sure you aren’t doing this before you’re ready. Allow yourself the ability to say “no” if you simply can’t afford to buy a home at this time. Trust us, it’s okay!
With closing costs, inspections, down payments, and more, you could be in a far worse situation if you don’t take the time to wait, make a budget, and start saving. If you’re in the right shape financially, then you should know that the expenses that will come with buying a home aren’t cheap. You can start preparing for these costs by skipping on the daily Starbucks or shopping sprees in an effort to save even more for the home of your dreams. You can even get pre-approved with a mortgage broker which will help you stay ahead of the game financially. Thankfully, BSR Realty Group has great recommendations and can link you up with one of our local referrals in order to start the pre-approval process.
No matter what, it’s going to cost you your money and your financial comfort. You just have to decide if you can pay – physically and mentally.
2. Find A Realtor
Trust us, you’re going to want some extra help during the home buying process. The market is ever-changing, and true relators know how to get the best bang for their client’s buck. With our systems and relationships, we also have ways to helping you find exactly what you want. Plus, we’ll negotiate for you to make sure you get your dream home at the price that works best for you.
It’s always better to have someone on your team, especially when that someone truly cares and is deeply rooted in the Palm Beach County community. BSR Realty Group is here to make sure you have a great first home buying experience (and keep some money in your pocket while doing so!)
3. Truly Think About What You Need
Sure, the thought of a huge mansion overlooking the water is enough to break out your checkbook and sign your life away. However, you need to be realistic when it comes to preparing to buy your first home.
What do you truly need? Is it just you and your significant other? Are you planning on having kids? Do you want a garden? A pet? How close do you want to be to work? And do you truly need that man cave? There are many questions to ask yourself when looking for a home that fits all your needs, so we recommend whipping out a pen and paper instead of your checkbook and make a list. Decide exactly what you are looking for and your non-negotiables, then put all your notes together and start your home hunt. You can even make two columns – one for must-needs, and one that reflects those features that you CAN live without. Of course, we want you to have everything your heart desires, but you want to be prepared just in case.
While the first-time home buying process might appear a little overwhelming at first, we know that by planning ahead, you can avoid months of headaches and regrets. Start preparing for buying your first home now with BSR Realty Group. We look forward to helping you navigate the process. And of course, we can’t wait to help you find your dream home!
Contact us today to get started on your home buying journey!