The Great Home Buying Advice Hub

Preparing to buy your first home comes with an array of emotions including thrilling and terrifying. No matter how prepared one may seem, home buying shouldn’t be a search to enter blindly. This article provides crucial bits of advice that first time homebuyers and seasoned homeowners should take into account before their big purchase.

Home buying essentials

One of the main pieces of advice a first time homebuyer should know is exactly when they should buy a home. While there is no age restriction, this life event shouldn’t be decided on a whim as careful planning must occur months or even years ahead of time. So how does one know that they are ready? Simple. If you and your buying party both make enough to cover the costs, possess great credit, and have an approved debt to income ratio from a bank providing a loan, you’re ready! Unlike many other tasks in the United States, buying a home has no age restriction. While living in a grand place at the ripe age of 18 sounds appealing to some who may have banked quite a bit, it’s important to ask oneself if they plan on staying within that home for at least five years. If someone has a case of wanderlust, they may not be ready to settle down and buy a home.

Can I truly afford buying a home?

Even though you may appear to have enough money at the time of searching, there are many costs that can come up during the home search, after the home is bought, and costs during living at the new home. One must be prepared in all senses in order to truly be ready for a home. If you’re truly ready for a home, you’ll know through your monthly payment PITI. A PITI consists of three things including: principal and interest, taxes, and insurance. If the leftover money you have isn’t enough to cover basic utilities within the home including food, then you’re not ready to purchase a home on your budget alone.

Am I the only one living in the home?

If you’re looking to purchase a home but would like a helping hand, it’s important that this helping hand is someone who is long term. This could be a spouse, best friend, or a family member. The main reason homes should only be bought when there is a premade and secure household is because of the stability. Those who are not looking to settle down with someone and are pinching pennies to get by should save a bit more before setting their roots down. Pet lovers may also want a smaller home as apartments and condos don’t provide the best living situation for furry friends. With these financial security- inspired tips, preparing for a home buying journey can be exciting, instead of filled with worry.