First Time Homebuyers

Dated: 08/04/2016

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Are You Ready to Buy a House?

It’s never too soon to start planning your first home purchase. Some homebuyers think that they should wait until they find the perfect home, or have what they consider to be a sizable down payment before they start the process. The reality of the situation is prices and rates will always fluctuate but there are steps you should be working on now to put yourself in the best position to buy later.

  • Talk to a Lender. This is the first step whether you’re ready to buy now or next year. Homebuyers often think that if they’re not ready to buy in the next month they should wait to do this. Big mistake. It costs nothing to meet with a lender and find out where you are financially. You may be surprised at how much you qualify for right now. And if it turns out you don’t qualify just yet, it gives you extra time to get your credit in order.

  • Down Payment. How much do you have right now to put towards your new home? How are you saving? Is your savings plan aggressive enough to get you where you want to be? These are questions that experienced Lenders and Realtors can help you answer.

  • Get an Idea of Where You’ll Want to Live. If your heart is set on that new master-planned community with great schools, you should go ahead and get a rough idea of what you can expect to pay to live there. In addition to the mortgage, property taxes, insurance and HOA dues, consider extra fuel costs, time spent commuting, childcare costs specific to that area. A home that’s priced right for your budget can suddenly become out of range when you add all of the other costs in.

  • Staying Power. Are you committed to staying in the city you’re looking to buy in? Is a job transfer in your future? Will you rent out your newly purchased home or try to sell? Buying may not be the best option for you if you’re not planning on living in the home for a few years before a major life event causes you to relocate out of the area.

If you only do one thing on this list, make it Talk to a Lender. They are a wealth of knowledge and will have lots of great recommendations to help you get on track to buy the home of your dreams.

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Greg Young

Greg is Co-Founder/Owner/Broker of Austin Real Estate Experts. He has over 14 years' experience in the real estate and home building industries and has won several achievement awards and accolades in ....

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