Buying a home is exciting and can be a milestone in your life. So you’ll want to be prepared to know what to expect and avoid stressful situations. Having an in-depth look at the buyer’s journey will help you make informed and confident decisions.
From searching for a home and finding a real estate agent to negotiating offers and getting your keys on the closing day, we have prepared an A-Z guide for a first-time homebuyer.
Manage your finances:
Buying a home is probably one of the biggest decisions you’ll ever make. To make sure that you make the best choices, we’d advise that you ask yourself a few questions. What do you really want in a home? What is your current financial situation? What are your lifestyle needs?
Finding answers to such questions will help you find the perfect home for yourself.
When you decide to purchase a home, the down payment will the biggest amount. But there are other expenses that a homebuyer should be aware of. Let us list a few of them for you.
- Upfront Costs: The initial amount that you need to buy a home, including the down payment, the closing costs, and any applicable taxes.
- Ongoing costs: There are continued costs of living in a home you own, including mortgage, payments, property taxes, insurance, utility bills, condominium fees (if applicable), and routine repairs, and maintenance.
- Major Repairs: These expenses include the large and expensive repairs and renovations your home will eventually need, such as foundation repairs or roof replacement.