The #1 Reason It Is Difficult to Find Your Dream HomeThe headlines in real estate today all revolve around one major point: there is a shortage of homes available for sale. Price appreciation
Choosing Your First Home
Can I Afford the House I want?
One mistake young homeowners make is overextending themselves on the price of a house. They can look at what a monthly mortgage payment can be and decide that if they tighten their belt, they can afford it. What many first time homeowners don't factor into the monthly budget is things like electricity costs, especially during the summer months in Kissimmee when air conditioners can run nearly nonstop. They don't realize there are hidden costs such as unexpected repairs. Sure, you may purchase homeowners insurance and will receive a check for damage to your home, but sometimes that process can take months or years. You may have to repair a roof out of pocket to keep your home from being destroyed and then to pay the other bills becomes a challenge. Do you really want to live an austere existence so that you can live in a bigger home? Buy a home that fits your budget so that you can enjoy it.
What is the Reason You Want a House?
Is your first home something you see living in for the rest of your life? Do you want to start a family in your new home, or perhaps you need one because your rental property isn't big enough for your family? Are you purchasing a home as an investment? Fixer-upper homes can often be far more expensive than their price tag. If you have a job that requires you to move around frequently with short notice, you may want to consider purchasing a home that will sell quickly. Higher cost homes often take longer to sell than smaller, less pricy ones. Make sure you know why you want to buy a home, and what you want out of it before you purchase it.
Make sure you inspect a home before you make a bid on it. A house may have been cosmetically fixed up before selling, but there can still be insidious issues lurking such as leaky roof or termites in the wood. Even newer homes can have problems if builders cut corners during construction. Hire an inspector who is familiar with roofing, electrical systems, and foundations. You may want to hire a pest control company to do a separate termite inspection.
Your New Home is Not Out of Reach.
If the interest rate on a mortgage seems too high, there are options available to prospective homeowners. One option that will help you to lower interest rates is to purchase points. If you are not aware of this tool for reducing your interest rate, you are in good company. Not many homebuyers take advantage of these programs. Buying points really equates to pre-paying on your mortgage. It means you will have lower monthly payments on your mortgage, and it shows the lender you are responsible and willing to do what it takes to get approved.
To Sum Up.
So, if you are looking to purchase your first home, don't overextend yourself, but also don't sell yourself short. There are programs available through lenders that allow first-time homebuyers to purchase a home.
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