home.jpg

Common Mistakes of First-Time Homebuyers

home.jpg

Buying that first new home is both fun and frustrating. To accentuate the fun and diminish the frustration, follow the sound advice of the professional real estate team at Landmark 24 Homes. The team is there to smooth the way for the novice homebuyer as well as the veteran. No one can go wrong with buying a Landmark 24 home with the many floor plans, price tags and desirable locations. There is something to please every buyer – no buyer’s remorse here. Before you start looking at any home, however, there are a few things that should be considered.

How Much House Is Needed And What Can You Afford?

If you don’t have a budget, create one by listing all of your monthly expenses except rent. List all one-time annual payments such as insurance premiums, vacation expense, and retirement contributions. Subtract this number from your take-home pay and that will give you an idea of how much house you can afford. Use a mortgage calculator to research interest rates and you will get a good estimate of your total mortgage payment. Try to avoid looking at homes in neighborhoods that are out of your financial range. Falling in love with a home that is out of your price range can be avoided by not only knowing what your price range is but also by committing your search to those specific neighborhoods.

Get Pre-Approved By A Mortgage Lender

By going to your lender for a pre-approval on a loan, you will find out how much you can borrow, as well as let the realtor know how much loan you can actually get given your financial circumstances. By knowing how much you have available will save both you and your real estate agent time and possible frustration. Furthermore, sellers are also more likely to consider an offer from a buyer who has been pre-approved. Once qualified for a loan amount, remember that homeowners will have additional expenses to pay that did not apply to them as renters. As a homeowner you will be responsible for other expenses such as property taxes, insuring the home against disasters, making repairs, and possibly homeowner’s association fees.

Make A Checklist Of What You Need In Your New Home Considering What You Can Afford

When considering a new home, first make a list the must-haves. List the true necessities like the number of bedrooms, bathrooms and whether there needs to be space for a home office. Consider the outdoor space as well. If you have pets, a necessity for you may be a fenced backyard or at least a backyard that can be fenced. One caveat or word of advice is do not be too picky. You will have to compromise somewhere. You may need to convert a bedroom into a bedroom/office or a den into a den/bedroom. There also may be modifications you can make after you have lived in the home for a while, so be a visionary and don’t overlook the possibilities. Overall, knowing what the top priorities on your of must-haves will help narrow down the choices and making process much easier.

Do Not Go It Alone. Your Landmark 24 New Home Specialist Is Your Friend.

The professionals real estate team at Landmark 24 Homes will help you find the most suitable home for you and your budget and save you the hassle and time of striking out on your own. With years of knowledge and experience behind them, they will help you avoid those first-homebuyer mistakes and put you in the right home in the right location for you and your family. View the beautiful Landmark 24 Communities and contact one of their exceptional real estate agents to get you started on your new life as a proud Landmark 24 homeowner.

Articles News