Our Tips for Buying Your First Home

Buying your first home is a major milestone in your life and the biggest investment you likely have made. Being a buyer in today’s market has its challenges, as any of you actively looking are aware of. Below are three tips to help overcome these barriers in the home buying process today. 

Save Money with First-Time Homebuyer Programs                                       

If you haven’t looked at all of your available options for assistance programs, that is your first mistake. There are plenty of first-time homebuyer programs for you to choose from that can allow you to get a loan with little to no money upfront. They allow for flexibility, like lower credit scores and down payments, and even may assist you with closing costs. 

The best way to save money in this process is to pair with a real estate agent to advise you along the way that can also introduce you to different mortgage lenders to walk you through your options. 

Look into Townhomes

One of Jim Slater’s favorite strategies for a first-time homebuyer is to purchase a townhome. Inventory is low, but have you added townhomes into the search? Have you ever considered a townhome? You most definitely should. 

First off, they’re more affordable than single-family homes, mostly because they tend to be smaller, but still allows for you to purchase real estate and begin to build wealth within your home to put towards a larger home further down the road. On top of that, the time spent on maintenance is minimal. Typically townhomes are part of an association where the exterior maintenance is taken care of simply by paying an affordable monthly fee. If you are younger in age with a crazy busy schedule, townhomes are especially a great option for you. 

Jim Slater suggests townhomes as a great purchase if you are looking to get your foot in the door for real estate and a great option for younger couples looking to start a family. A townhome can be a great investment property down the road for first-time homebuyers, but it is important to check the HOA (Homeowner Association) fees to see what is all covered, along with restrictions. Jim recommends purchasing a townhome with no rental restrictions, leaving the option of renting your townhome out once you are able to purchase a single-family home (if able without selling). Overall, townhomes allow for a great opportunity for the majority of first-time home buyers today.

Combine Resources with Loved Ones

Another way to step foot into the market is to invest in a home with friends or family. “Roommates” of course always bring the price down and can allow you to qualify for a larger mortgage with combining incomes. However, make sure to be cautious when choosing who you’re going to buy and live with, make sure it is with people you trust and understand where their financial stance is.

Bottom Line

Understand your options, and don’t limit them out right away. Instead, contact a real estate advisor like Jim Slater to educate you on these different options and introduce you to new opportunities. It can save you a lot of time, money, and stress to reference Jim Slater for help. Sooner or later, you’ll call Jim Slater! 

Source

Coldwell Banker Realty