During the past few years, the housing market has been going up and up. Year after year, home sales have been on the rise. Buying a home can be an exciting and challenging experience. Homeownership allows you to customize your living situation to suit your needs and preferences and gives you the freedom to make changes and upgrades to improve your quality of life.
For many people, buying a home is a significant financial commitment that requires time and dedication. In order to make an informed decision, it’s essential to understand the market and what goes into purchasing a home. Buying a home comes with a lot of excitement and anticipation, but it also comes with a lot of responsibility. So, are you ready to buy your first home? Take a look at this advice for first-time home buyers from the Justin Myers Team.
You know your budget
One of the best indicators that you are ready to purchase a home is that you have a stable financial situation. This means having enough money saved to cover your living expenses for at least a few months, if not longer. This money should be enough to cover your housing costs, which include your mortgage payment, utilities, and maybe a little extra for emergencies. If you’re planning on buying a home soon, it’s a good idea to have a savings account built up with funds allocated for the purchase so you’ll have enough money to buy a home and pay your other bills.
When you’re ready to buy your first home, it’s also important to have a plan in place for financing. Working with a mortgage advisor can help determine what kind of mortgage best suits your goals and needs. Working with a financial planner and getting pre-approved for a mortgage can help you determine your price range for a home, the amount of money you’ll need for a down payment, and how much to budget for related expenses, such as:
- Taxes
- Home insurance
- Regular maintenance
- HOAs
- Utilities
- Renovations or updates
You have a down payment
A down payment is one of the most important factors when purchasing a home. This is money you put upfront to help offset the home’s purchase price. If you don’t have enough money saved for a down payment, you may want to consider holding off on buying a home for now.
Depending on your financial situation and the type of Miramar Beach real estate you are interested in, a down payment between 20% and 25% is common when purchasing a home. However, there are ways to reduce the down payment amount if you have excellent credit and qualify for certain loans. If you don’t have enough saved up to make a down payment, it’s still a good idea to work with a financial planner to determine the best way to continue saving or ways to purchase a home with a smaller down payment.
You want to invest in an area long-term
When purchasing your first home, it’s typically a good idea to envision yourself staying in the home and community for more than five years. This allows you to avoid losing money on closing costs if you only plan to stay for a year or two. There’s a lot of value in purchasing a home and staying in it long-term.
Over time, homeowners often make improvements to their homes that enhance their value. This can include updating the home’s structure, adding a room, or making other improvements. It is hard to add value to a home if you do not have long-term plans for a community. Considering long-term goals is an important factor in making wise financial decisions and determining if you are ready to purchase your first home.
You know what you want
When looking at homes, it’s essential to know what you want by making a list of your “must-have” features. This will help you narrow down your choices to make an educated decision and save time during the home search. First-time home buyers often have a specific idea of the home they want. This may be a single-family home or a condo in a particular neighborhood. It is a good idea to know exactly what you want so you can focus on homes that fit your criteria, but it’s also important to keep an open mind and not let small wish list items keep you from potential dream homes.
You have an expert real estate agent
Another important factor to consider when purchasing your first home is working with an expert real estate agent. Working with a local agent is your best bet at finding the home that best suits your needs and preferences. Your agent is there to help you navigate the entire home-buying process. If everything seems overwhelming and you don’t know where to start, find an expert Miramar Beach real estate agent to help you connect with local lenders to learn more about mortgage rates and pre-approval. Once you have the beginnings in order, a real estate agent can help you find homes in your price range that meet your criteria.
Finding your first home is only the beginning of the process. A real estate agent can walk you through making an offer, home inspections, paperwork, closing costs, and any other must-know information. It can be a time-consuming and stressful process to navigate without an expert, especially for first-time home-buyers. You need an expert on your side to represent your needs and financial investment so you can find the right home at the right price.
When you’re ready to take the plunge and become a first-time homeowner, the Justin Myers Team can help. Justin Myers was a mortgage loan officer in the banking industry before becoming a Realtor®, where he has spent more than 15 years as an expert agent in South Florida real estate. Justin and his team are dedicated to helping clients find their perfect Miramar Beach property. Contact the team to start your home search today.
