Tips for First-time Homebuyers

Many first-time homebuyers are usually apprehensive about choosing a house and closing the deal. It comes as no surprise, however, as this kind of event requires a lot of discernment, planning, and of course, money. So before buying a house, understand what your long-term goals are and consider factors such as the best type of home for you and your family, as well as what features you’d want your house to have.

You should know that each type of home – be it a condo, a detached single family home or a four-unit building – has its advantages and disadvantages depending on your goals as a homeowner. If you're planning to save on purchase price, you may want to choose a fixer-upper. If you're after the amenities, you may want a home that includes complete bathroom and kitchen fixtures.

If you're concerned with mortgage, you have to know at least how much you'll be paying monthly including the interest rate once you take out a loan. Mortgage companies usually offer competitive rates to make your home purchasing project go smoothly.

Lastly, know how much you can afford. You shouldn't simply direct your focus on monthly payments; you have to see the entire picture or consider the entire amount you'll be dealing with. Ask yourself if you are capable of funding this home in the long run because you don't want to purchase something that will end up in the foreclosure bin.