Buying Your First Home

buying your first home

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.

buying your first homePrepare 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.

buying your first homeTIP: 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.

Congratulations!

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!