The American Dream for many is owning their own home. Before you begin your adventure of looking for your own home you should consider your housing and financial needs. Do you need 1 or 1 1/2 or 2 baths? Do you need lots of storage? Do you see yourself tilling your garden or do you prefer watching others mow your lawn? Buying a house is a lifestyle investment before it is a financial investment, remember you will always need a place to live.
Buying a home can be a good financial investment. Housing prices are similar to many other investments, they can fluctuate! It is important that you plan to keep your home for at least 10 years. Keeping your mortgage to a minimum is critical to a sound financial plan. You will want to spend no more than 3 times your annual income and it is strongly suggested you put 20% or more as a down payment.
Once you have decided what type of home you want,the neighborhood you would like to live and have saved enough money for a down payment its time to shop. Ask your friends and family to recommend the people you will need to make your first home buying experience a success. You will need a good real estate agent, home inspector and a mortgage broker. Buying your first home can be a challenge but it does not have to be stressful if you take the time to write out your plan.
Tips for buying your first home.
1. Determine how much you can spend and the monthly payment.
2. Determine the type, style and location of the home you want to own.
3. Find the professionals you will need to have a successful buying experience.
4. Stick to your plan