Buying your first home is just like you see on TV. You look at three homes, pick the one you want, put in an offer and become a homeowner, right? Wrong. Buying your first home takes quite a bit of stamina, desire, and commitment to get through a very time consuming and complicated process. But it is so very much worth it in the end. After buying my first home about a year ago, I have a few tips of my own to ensure your dream home becomes a reality.
Prepare for tedious paperwork
After finding the right loan, you’ll need to be ready to devote a large amount of your time to this process. Between faxing in documents, signing paperwork, and emails back and forth between your mortgage banker, it is going to feel like a second job. This can take a toll on anyone but it is very important to stay focused on the prize.
TIP: Set yourself up for success by creating a folder with all your home documents ready at your disposal. Keep a file on your computer with all correspondence and documents so they are easily available.
Watch your spending
Being financially conscious during this time is very important. Keep in mind; you are borrowing quite a bit of money to purchase your first home so every detail about your financial history is going to be under review. Sound scary? It doesn’t have to be.
TIP: Plan to buckle down during the process. This means no large purchases or shopping sprees for the next few months. You’ll survive, I promise.
You’re responsible for maintenance of the home
Buying a home might seem like a no-brainer if your mortgage payment would be less than the rent you’re paying. But that comparison doesn’t account for other costs of home ownership, including down payment, mortgage-related fees and home maintenance and repair expenses. Plan to budget accordingly considering all these costs.
TIP: Create a spreadsheet with all of your bills to keep track of the due dates. As stressful as buying a new home and moving in can be, you don’t want to forget to pay one.
When you can finally see a light at the end of the tunnel, you can take a deep breathe and smile because you just purchased your first home. You’re finally ready to pack up the moving truck and turn this house into a home! You can actually paint the walls and not get in trouble or hammer in as many nails as you can without worrying about a security deposit.
Do you have any tips to share on purchasing your first home? Are you going through the process now? Let us know in the comments below!