Buying your first home is both exhilarating and frightening at the same time. The experienced agents at Raleigh Cary Realty know exactly how young homebuyers are feeling and want to guide them through the process to make it as smooth as possible which is why this blog is dedicated to sharing things young homebuyers should consider before purchasing a home:
- Know what you can afford. Many young buyers have an idea of what their budget is for a mortgage and a down payment, but they are often surprised by the other costs that come into play such as appraisals, inspections, loan fees, insurance, and closing costs. That’s why it’s important to know upfront what the costs are and be prepared to cover those as well.
- Know what you want. What type of home are you looking for? What neighborhood? What features? What size yard? Are you looking for an area within walking distance of shopping and restaurants or allows you to bike around? Do you want to be in the suburbs? Are you looking for a single-family home, condo, or townhome? These are questions a realtor will ask.
- Know your credit score. Almost all lenders use FICO credit scores. While a score in the upper 600’s could qualify young buyers for a mortgage, it’s not going to get them the best rate. Fortunately, there are many free resources available to check and monitor your score. Be sure you use them.
- Be prepared for maintenance, upkeep, repairs, etc. Even a brand new home needs constant maintenance. Appliances, HVAC, plumbing, electrical, foundations, landscapes, and much more must be checked and be properly maintained. It is a homeowner’s responsibility to keep up with this.
- Don’t judge a house by its color. The beauty of house paint is that you can always change it. If you love the features of a home but don’t like the color of the walls, know that you can easily paint over it.
- Know that it’s vital to ask questions. First time buyers do not know everything. Even some experienced buyers don’t. Ask us anything about the buying process. We’re here to answer every question and help you. That’s why we’re licensed agents.
If you’re a young buyer looking to purchase your first home, give us a call at Raleigh Cary Realty, so we can find you that home you’re looking for.