Blog :: 12-2012

First Time Home Buyer's Guide

 

Are you thinking that now is the time to go from that rental you've grown out of into a home of your very own? At Signature Properties, we would be honored to show you the way home. We work with both buyers and sellers, and with interest rates and home prices where they are, it is certainly your time to buy.

Here are some things to consider when thinking about buying a home:

1. How much can you afford? Fannie Mae recommends keeping your housing expenses to about 28% of your income. If you go much above this, you may find yourself to be stretched too thin. There are a variety of mortgage calculators out there that will calculate a monthly payment based on estimated interest rate, insurance, and money down. This can be a good place to start.

2. What are you looking for? Come up with a list of what your must-haves, likes, and dislikes, then browse our Signature Listings and the MLS  for any homes that you think might suit your needs and budget.

3. Talk to a REALTOR: There are many benefits to working with a REALTOR. Our agents have extensive knowledge of the area market and can help you find your perfect place. We have many helpful contacts of lawyers, inspectors, lenders, and more that can help you through the process. We will be here for you from start to finish!

4. Ask questions! When working with an agent to buy your first home, if you have a question, ask! We are here to help and want to make sure you have a good understanding of the process. We know it can be a frustrating and confusing path, don't worry we will guide you along the way.

5. Think: Think about the future and how long you might like to stay in your home, then look at homes around you and what they might be selling for now. This can help you plan for the future; especially if you plan on re-doing that kitchen that you really aren't a big fan of.

6. Consider a new construction: Hank Gintof, one of our valued agents, works a lot with custom built new construction homes. Do you have a wish list a mile long? Talk to Hank and chances are, he has something that can be turned into your dream home

7.Enjoy! Buy magazines, get ideas, and dream about how you are going to decorate your newly purchased home. Its important to settle down and enjoy the process, if you can. You will be a first time home buyer before you know it!