First-Time Homebuyers: Keep It Fun
Hello Hampton Roads,
Today we have a special treat--guest blogger, Jim McKinleyJim McKinley, is providing this post on keeping the home buying process fun! Sage advice, indeed :)
Courtesyof Unsplash
Thanks for Reading,
_________________________
Serving your Hampton Roads and Virginia Beach Real Estate needs. Liz Schuyler on Google+
Today we have a special treat--guest blogger, Jim McKinleyJim McKinley, is providing this post on keeping the home buying process fun! Sage advice, indeed :)
Courtesyof Unsplash
Making a down-payment on your first
home is one of the biggest single purchases of your life, right up there with a
car and an engagement ring, but that’s where the fun – or the stress – really
begins.
“The joys of homeownership” is a wry
phrase knocked about for a reason: Anyone who has to balance a hefty mortgage
on top of all his other responsibilities knows that when the HVAC dies or the basement needs waterproofing or
the neighbor’s tree roots buckle your
driveway, you may start recalibrating how much resentment you harbored against
your old landlord.
Still, challenging as moving into
your starter home can be, it can be equally
joyous. Just be sure to live by some of these tips to stay sane, go easy on
your pocketbook, and keep it all in perspective.
Budget
One of the best ways to cut down on
your stress from the get-go is to come up with a budget before you
dive in. How solidly does your income stack up against your bills? A rule of
thumb is that your debt-to-income ratio shouldn’t exceed 36
percent. For example, if you make $100,000 per year, you shouldn’t be paying more than roughly
$3,600 in debt expenses per month.
After you figured out your part in
the equation, research the market. Look up loan types, compare mortgage rates and
keep below your pre-approval limit. A sober
assessment of your finances may sound dry, but it’ll make taking on a 30-year
payment-plan far less intimidating.
However, if you’re having trouble securing a loan
due to poor credit, you may need to take some time to repair it before moving
forward. During this time, you can contact a credit repair company, which can
help address any issues or problems with your credit report. However, it’s
important to select a credit repair company that’s on the up and up, so do
plenty of research through sites like Consumers Advocate to
ensure you’re working with a reputable business.
Pick What’s Right for You
“Price, location, amenities – pick
two,” realtors often tell homebuyers. Or, depending on the market you’re
looking at, "pick one" is more likely. Their point is that, for most people, a down-payment will
only afford some – but not all – of what you want, so gird yourself for some
compromising. That process of whittling down, though, can nudge you into
discovering what you really want. Rather be near work or have a big yard? Ready
to tackle a fixer-upper or willing to
settle for new fixtures but no character? The options can multiply (and seem to
lead nowhere), so go with your gut.
Whatever you choose, make sure you
simply feel like you belong in the house you pick.
Moving
People frequently list moving among
the most stressful life events that they go through, up there with illness,
divorce, job loss, and, yes, death. But it doesn’t
have to be dire, especially when you pace yourself. If you’re a first-time
homebuyer, you probably haven’t amassed the mausoleum of furniture and
appliances that people running households for years find themselves enclosed
in, and you can save money by not hiring a moving company and, instead, asking
friends or family for help. What’s in it for them? Never forget, pizza goes a long way in convincing
people.
Make It Yours
First-time homebuyers often discover
that adding their personal touch to their house gives them a sense of pride and
grounds them in their new phase in life. Also, the checklist of DIY repairs under $100 can transform a space – installing floating shelves, converting a
nook into an office, painting the porch ceiling sky blue for an airy effect.
Add a few rocking chairs and potted ferns out there, and you’ve just created a
space to lounge in the lilac air of your new neighborhood.
Saving up, hiring a realtor, scoping out houses,
shelling out a down-payment, boxing up your whole life –
moving into your first home can be daunting. But think of the reward: The
raised vegetable garden off the back deck. A slant of light hitting the new
hardwood on quiet mornings. Plumtree branches brushing against the bedroom
windows. Your home is your spot of earth, and if you stay within your budget
and be true to what you’re really looking for, the process of arriving there
will have its challenges, but also its tantamount joys.
Thanks for Reading,
_________________________
Serving your Hampton Roads and Virginia Beach Real Estate needs. Liz Schuyler on Google+
Comments