Buying a home can prove to be challenging for a first-time buyer. Thus, you must be equipped with the necessary knowledge before you go ahead. That is why we interviewed Green Sprout to enlighten us on what people should know before buying their first house.
WHAT DO YOU NEED TO ASK YOURSELF BEFORE BUYING YOUR FIRST HOME?
Some of the questions you need to ask yourself before buying your first home include; why do you want to buy a home? How much can you afford to pay?
Do you have a credible real estate agent? How long will you be living in the area? Has the home passed inspection? Are you able to maintain a new home?
WHAT DO YOU NEED TO KNOW BEFORE BUYING YOUR FIRST HOME?
Qualifications To Be A First-Time Buyer
A first home buyer is any of the following; an individual who has not owned a principal residence for three years; a displaced homemaker who has owned only one home with a spouse; a single parent who has owned only one home with a former spouse; an individual who has only owned a principal residence, not permanently; an individual who has only owned a property which was not in compliance with local or state building codes.
Benefits Of Being A First Time Homebuyer
The benefits include access to state programs, tax breaks, and federally backed loans.
WHAT ARE SOME COMMON MISTAKES MADE BY FIRST-TIME HOME BUYERS?
Some of the common mistakes made by first-time home buyers that you should avoid include:
Not Getting Preapproved
Shopping for a home without getting preapproved for a mortgage is a dangerous mistake. Avoid it.
Lack Of Cooperation With A Real Estate Agent
You can definitely buy a house without a real estate agent, but the problem is that you should not.
Surpassing Your Budget
Whether to prove to others or yourself that you have inexhaustible funds when you actually don’t, buying a home you cannot afford is a dangerous mistake many first-time buyers make. Avoid it.
WHAT DO YOU NEED TO CONSIDER BEFORE BUYING A NEW HOUSE?
Some things to consider before buying a home include; the Market, the process requirement, affordability, your credit score, your job, the home repair and maintenance requirements, your family size, your residential stability, etc.
CAN YOU BUY A HOME WITH A LOW INCOME?
Buying a house as a low-income earner can be difficult but not impossible. Green Sprout recommends some of the ways you can buy a house with a low income:
Using a low down payment loan
This means getting loans with a 3% down payment or a government-supported FHA, USDA, or VA loan.
Increase Your Credit Score
You should also work on boosting your credit score, which will help you qualify for loan programs and low mortgage rates.
Use a Co-signer
A relative or friend with a good credit score or solid income can co-sign your loan.