So You Want To Buy A House...

Wednesday, May 8, 2019

Becoming a homeowner is one of the greatest feelings in the world because you actually OWN something and it's completely your own space.   I'll never forget the day in 2015 that we moved into our first home, which will be our forever home.  It was so liberating and even though it was scary because obviously now we had a mortgage to pay, the freedom outweighed the fear. 

Unfortunately, it can be an overwhelming feeling when you decide you want to buy your own home so I put together a few tips to make sure you're ready. 

Have Your Debts in Order

If you have a ton of debt across a ton of different credit cards you definitely need to check yourself.  It's important to pay off as much debt as you can before you buy a house so your credit score improves and so that you have less payments each month for credit cards that can eventually go to your mortgage.  The quicker you pay down the debts the sooner you can really move forward with buying a house. 

Plan to Spend Money the First Few Months
If you think you can just buy a house and then be done with it, you are so wrong.  There are always things you will need (furniture, etc.) and always repairs that will pop up no matter how new or nice of a house you have.  I always advise people to put some money aside specifically for that type of stuff during the first year of home ownership. 

Know Your Options
Depending on your financial situation and many other factors, you will have different options than others.  A company like the Associates Home Loan of Florida can help you figure out what type of loans you qualify for, what you can afford, and how to navigate the system.  It can be very scary to try to do it on your own and no matter how smart you are with money, real estate has so many terms and conditions that you really do need an expert in the field with you the entire time. 

Be Practical
Sure, we would all LOVE to have a mansion like the ones we see on TV, but that's not always practical or affordable so you need to be real.  Do you really need 6 bedrooms if you don't plan on having children?  Is the location going to work for you especially with the length of your commute?  Are you prepared for the maintenance of the inside and outside of your home, depending on it's age? These are all things you need to ask yourself before you start looking for a home.  When we decided to go house hunting, we knew that the house we chose would be our forever home so it would need to have decent space but not too big, and we really wanted a ranch since it would be more affordable to heat/cool and we thought ahead to when we're older and we may have trouble going up and down stairs.  

Just be smart and ask for help on this journey so that you can make only the best decisions for your future. Good luck! 

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