Buying a home can be challenging for a first-timer. After all, there are so many steps, tasks, and requirements, and you may be anxious about making an expensive mistake. But first-time homebuyers enjoy some special advantages created to encourage new entrants into the real estate market. If you are a first time home buyers, follow some of these tips.
Before clicking through pages of online listings or falling in love with your dream home, do a serious audit of your finances.
You need to be prepared for both the purchase and the ongoing expenses of a home. The outcome of this audit will tell you whether you’re ready to take this big step, or if you need to do more to prepare. You have a number of options when purchasing a residential property: a traditional single-family home, a duplex, a townhouse, a condominium, a co-operative, or a multifamily building with two to four units. Each option has its pros and cons, depending on your homeownership goals, so you need to decide which type of property will help you reach those goals. Before you start shopping, it’s important to get an idea of how much a lender will give you to purchase your first home.