8 Tips that First Time Homeowners Need to Know

It’s an exciting time when you buy your first property! But there are a number of essential things you’ll want to pay attention to when you’re making your choice.

Understand what you can afford

A good place to start is looking at your monthly budget. You’ll need to calculate what you can afford in terms of paying off principal and interest. And don’t forget to factor in taxes and insurances too. It will be important to anticipate the potential cost of maintenance, repairs and general upkeep of your new home. Depending on the age and size of your new property you may want to add a little extra to this number.

Get pre-approved for your mortgage

To show sellers that you mean business, acquiring a pre-approval letter is key. This will indicate how much a lender is willing to loan you. Getting pre-approved could be enough to give you the competitive edge over other buyers. Check how long the pre-approval lasts for as they expire after a set amount of time.

Investigate first homebuyer programs, schemes and grants

You’ll want to research what first-time buyer programs exist in your local area. This may include down payment assistance or help with closing costs. There may be restrictions on the property price allowed and some programs may be intended for those with an income under a certain threshold.

Check your credit score early

Knowing where you stand with your credit score is really important. Do this early in your journey towards home ownership. This way, you will have the opportunity to work on your credit score and try to improve it. And you will avoid the possibility of a shock later on.

Work out your needs and wants

Thinking about your current place of residence can be a good start. Consider what you love, the things you find convenient and what you would like to change. Coming up with a list of needs, wants and deal breakers can help you determine what your new house should look and feel like.

KonMari before you move

Whether you use the Marie Kondo Method or Swedish Death Cleaning (it’s a thing) you should clear out some stuff! Moving is tiring. It takes time and energy. The less you move from point A to B, the better. Clean out what you don’t need. Decluttering is good for the soul. Remember to sort your items by the categories Keep, Sell, Donate or Throw Away. So that when you move you will only be taking what you need and love.

Furniture doesn’t have to be perfect, just perfect for you

Furnishing a home can be a costly exercise. But it doesn’t need to be. Think about what is right for you at the time. When considering your moving expenses, think about ways you could save money initially. Instead of buying new furniture you may be able to find good quality “pre-loved” furniture on second hand websites.

Head not heart

If you know anything about us, you know that we are real estate investors with a heart for what we do. We love serving you and your family. And we’re happy to see people buy houses they adore. But we also know that buying a house involves making logical decisions. So when it comes time to choose the right place for you, thinking clearly about the investment you are about to make is vitally important. Try to make an unemotional decision about your new property.

When the time is right for you, we would love to help you find the right home for you in Orange County, NY.

Happy house hunting!