2 Considerations for First Time Home Buyers
Dated: May 23 2019
Owning a home in Virginia Beach, Norfolk or in any of the seven cities is a major step in independence and for any person setting off on this road it is very easy to find yourself out to sea very quickly. They never teach you things like what you need to keep in mind when you're setting off to acquire your first home.
Understanding the market is important, but not as important as making up your mind on your own limitations before purchase. The buying process is such that changing your mind in the middle of it usually requires you to begin the process all over again. Since the process is already time consuming, it is in the best interests of first time home buyers to figure out what you want (and more importantly what you can afford) and then basing your searches based on that.
To this end, here are a couple things you should consider as a first time home buyer.
1) What Specific Features would you Like in your Home?
Although you can look at a home and decide to make renovations and add-ons to it later, nothing is quite as satisfying as getting a home that already has what you're looking for. You shouldn't only consider the house features, but also the features of the neighborhood and how close it is to basic amenities. Size also fits into this category, since you don't want to be putting money down on a house that is far larger than you can manage comfortably. As a first time home buyers, the decisions you make affects the shortlist of properties that you want to visit, thereby saving you time and possibly money in the long run.
2) What Value of Mortgage Do You Qualify For?
Understanding mortgage positions can be a daunting task, especially for a first time home buyer. Mortgages seem complicated, but usually, all you need to do to figure out the kind of mortgage you qualify for is to ask a mortgage officer. Banks usually have strict criteria for their mortgages, but offer the best rates and most flexible terms in the repayment department.
Other lending agencies are usually less stringent about what they expect you to have and may even lend you more than a bank, but the repayment options can be a nightmare. Always find out what the options on repayment are, and if you can renegotiate if possible. Typically the amount an institution is comfortable lending as a mortgage is based on your monthly income and is affected by outstanding debts and your current credit score. Having a number to work with narrows down the options for first time home buyers, making it easy to choose something that fits your pocket.
First time home buyers in the twenty first century have the benefit of the internet to help them make decisions and learn the ropes of the real estate world. However, you must be careful when getting information online, since not all of it is trustworthy. Always consult a lending officer or mortgage department before setting out on the road to owning a home. It's probably the biggest decision of your life and you should take as much time as you need to make up your mind about what you want and how much you're willing to pay for it.
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