One of your greatest adventures as a couple just starting out in life is buying a house. This may be the first time you live away from home or you could be tired of apartment living. You’re about to take flight and find a nest of your own. As you begin your quest for your first home together, consider advice to make your purchasing dream a reality.
1 Make Your Finances a Priority
Your personal finances need to be in order before you buy a home. Poor financing can keep you from getting a loan or result in a higher interest rate. Proof of two incomes will be to your advantage. If you don't both have employment, try to make that happen before getting serious about becoming a homeowner. If you're both working, you should each open a savings account. Always set aside ten to twenty percent of your paycheck to build up your savings. Look at any assets you have that may be sold to tuck away more money. Be wise with your spending. You should each pay attention to your credit history. If you have too many accounts, pay some of them off. Close any that aren't active. Shoot for a credit score of at least 700. A score of 620 is the minimum required to qualify for a mortgage. Polish up your score with help from a financial advisor to get better terms on your loan.
2 Consider All Your Alternatives
Determine the distance you are willing to commute from your home to work. Look at home listings in that area, circling those that are in a price range to fit your budget. Don't forget to circle some of the less expensive homes. Project homes can give you more house for your money. If a home needs a new roof, Brooklyn commercial roofing contractors can get it in order for you. You may be fortunate enough to have friends or family members that are handy with home improvement jobs. You could make repairs or changes to a home that needs work to customize it. Best of all, you can save money as you do small projects a little bit at a time.
3 Work with an Expert
Don't make the mistake of going it alone as you shop for a home together. Choose a real estate agent you trust. If you're not happy with the first person you find, enlist the assistance of another. Remember that it is a buyer's market. Agents are working for you. They want your home buying adventure to be a success because they will get a commission. You may also be able to send more business their way when you share a positive experience. Your agent will sit down to discuss the type of home you want, your budget, and where you would like to live. Your real estate professional will be able to walk you through the process, ensuring you have all of the proper documentation along the way. You'll have a go-to resource when you have questions. Your agent can also be a negotiator when you have concerns about a potential property. When it's time for your closing, your real estate agent will sit down at the table to assist you in any way possible.
Don't let your youth or inexperience stop you from buying a home together. With savvy, the right resources, and preparation, you can make it happen. You might be surprised about programs for first-time buyers that can open the door to an affordable home. Set your sights on owning a home now. Get organized and find out how you can get the key in your hand.