It’s natural to feel nervous during the homebuying process, especially for first-time homebuyers! At Miller & Smith, we want to make sure this process is as easy as possible for you, which is why we created this first-time homebuyer guide to empower you while purchasing your home:
Think “is it time for me to buy a home?”: While buying a house is exciting, you need to think if it is the right time. Buy a home because you are settling down and have found a place that you want to live long term. Do not buy a home because you feel everyone else is or people are telling you that you should be purchasing a house. Ultimately, buying a home is a big step, and you should be sure that you are at the right stage in your life to do so.
Start saving early for a down payment: If you aren’t paying for the home in cash, it is smart to start saving early for the down payment on the house. Look into adjustable-rate mortgages, first-time buyer loans, and first-time homebuyer programs to help with the financing of your house.
Determine how much home you can afford: Before you start looking for your home, sit down and figure out what type of home is in your price range. By planning, you avoid falling in love with a house that isn’t practical at the moment- plus it makes the home search a lot easier. Miller & Smith has a ton of different sizes and styled homes for a range of prices so that everyone can find their dream home with us.
Pick the right type of house and neighborhood for your needs: Think about what home is the right type of home for you. If it’s just you, then looking into a townhome, like our Mayfair homes at Brambleton, might be the best option. If you are thinking about starting a family soon, then one of our Tallyn Ridge Single Family Homes might be more fit. Choosing the right type of house, and a neighborhood that you love is extremely important in the home buying process. Do your research, look into different neighborhoods, check out a map, and even drive around to feel what it would be like to live there!
Stick to your budget: While it may seem tempting to just look at the home that is over your budget, don’t! If anything, you should be looking at homes just under your budget, so if you need to bid on a home, you have the wiggle room to bid higher. Stick to your budget and avoid paying for a mortgage payment that you can’t afford.
Prepare for closing: Not only should you save for the down payment, but you should be saving money for the closing of your house too. Browse around and compare prices for certain closing expenses, such as homeowner’s insurance, home inspections, and title searches. Being prepared for the closing process will make this final step feel like a breeze.
While these are just a few tips, they sure can ease the stress of buying a home for the first time. We hope that this first-time homebuyer guide gets all the new homebuyers out there excited for this big step! To learn more about our Miller & Smith homes, visit our website or contact us