When you are getting ready to buy your first home, it can truly feel overwhelming. But in today’s market, you can get a lot more for your money then just 10 years ago. Just take a deep breath, and make sure you cross all your t’s and dot your i’s and you will have smooth sailing as you find your dream home.
The next thing you should focus on is paying off your debt. This will not only allow you to have confidence that you can pay your mortgage off each month, but also eliminates expensive credit-card debt. Most people have a higher rate on credit cards then for a mortgage, and it also limits how much you can borrow to buy your home. Make sure that for at least the past year, each and every bill has been paid in full and on time.
Next, figure out what you want in a home. Are schools important to you? Perhaps you require a certain number of bedrooms or bathrooms. Is there a time frame that you would like to move in? Make sure you ask about the taxes in each town or city you look at homes in as well- some of those can really make a dent in your wallet.
Now that you are ready to buy, make sure you hire an hire an experienced home inspector to check the house’s structure and systems, including the roof, heating, plumbing, electrical and air conditioning systems. And check his or her credentials as well- you don’t want someone less then great to be determining the condition of your home. Once you buy your home, one thing you may also want to consider is getting
life insurance- you wouldn’t want to leave your partner or family in a mound of debt should the unexpected happen.
Disclosure-Information sourced from Genworth Financial