Buying your first home is one of the major milestones in one’s life; it can be very exciting at the same time it can be bit scary too. Just like any another first time, it is memorable and we have to make sure that it will be one of the best moments in your life.
Finally deciding to buy your first house is not something that you can just think of out of the blue. This decision needs planning and a lot of thinking, there is no turning back once you get into it so you have to make you that you are 101% ready and prepared.
Here are some things that may help in your preparation for your new home
Am I financially ready for it?
In buying your first house, it is not just the purchase price of the house that you need to pay off, there are a lot of other fees and charges that will arise throughout the transaction, better make sure you are ready for it.
Also save and prepare the Earnest Money Deposit and save for the down payment.
– Do you have enough cash for it, if not? How will you plan to pay the house, mortgage? are your credit ratings and debt-to-income numbers good. Once you get your mortgage approved, how much will it take on your monthly payable?
– Will you be the only one paying for it? Or you have a partner or spouse who will help?
– You may need to consider the utility bills that will come with your new house – electric, water, gas, cable and maintenance. All these will also go to your monthly payable.
Am I physically and emotionally ready?
– Having your own home will definitely change a lot in your life. You are on your own now; you set the house rules now at the same time you are responsible with everything that you need to do in the house. All the household chores, cleaning, designing, security and maintenance. And are you ready to wake up without the breakfast prepared by mommy or the car wash bonding time with daddy?
What are your plans?
– Do you want to live on the place or just buy it for investment?
– Do you see yourself living in that house in the next 5 to 10 years?
– Do you plan to have an additional member of the family in the next 2 years?
What do you want?
– Are you looking for a particular style of house or anything that catches your fancy during tours?
– Any preferred number of rooms/ baths?
– What type of neighborhood do you want?
– Do you want your place near a school, mall, church, etc.?
What do you know about the it?
– Do you know anything about the process of buying a house, or anything about the property itself? Don’t worry; all you need is good buyer’s agent who will help you throughout the process. Tell your agent what you are looking for, what are your plans, and your financial capacity. Your agent will be your guide from looking for your first house, drafting your offer, all the legal advice and leg work until the time that you already have the key to your new home.
Take time to think and answer all these questions. Just like in any action in our lives, those that are well planned, invested with time and effort will turn out to be the one of the best decisions and life changing moments in our lives.
A Slice of Heaven 