Buying a home for the first time can feel overwhelming,
both financially & emotionally!
Today, The Morris Team will take a closer look at both, to help you figure out where to start and what to expect throughout the process.
Let’s start with the financial side.
Preparing yourself for long-term commitments
is a consistent theme throughout this process.
1. First, consider what your financial motivations are when buying a home. Are you hoping to create a space for your growing family? Are you looking for more of a fixer-upper that can turn into an investment piece? Whatever it may be, knowing this will help you narrow down what kind of homes you look at and ultimately what financial commitment you will make.
2. Commitment can be scary! Consider if you are ready to commit to a loan, as most average mortgage loan terms are 15-30 years. Here are some questions we recommend asking before making any big decision:
Are you ready to commit to this home and city for at least 5 years, give or take?
Do you have a stable income, along with an emergency fund?
Could any foreseeable life events affect where you need to live, income changes, or unusual expenses?
3. Pre-approval is vital!
Before even beginning to look at properties, getting a mortgage preapproval is extremely helpful! You’ll know exactly what you can afford, and you’ll experience fewer surprises later on.
4. Let’s talk loans!
There are multiple types of mortgage loans, and the type you decide on will determine several things – your down payment amount, what type of home you can buy, and more. There are pros and cons to each one, along with their own respective qualification standards. Look into each one, considering which you are able to apply to and would work best for you and your family!
5. Sealing the Deal…
The buying process can take a while, but don’t forget about closing costs! These costs can cover anything from inspections and insurance, to attorneys and appraisals. Your exact closing costs can be seen on a Closing Disclosure document, but they are generally 2-5% of your total loan cost.
This may all seem intimidating at first, but having the right realtor by your side can make all the difference!
Now, let’s look into the emotional side of buying a home...
Not only do we spend the most time in our houses, our lives are built there, and the best memories are made in the walls of our home - so it is a big decision. Also, your first home sets you up for future home purchases, life decisions, and so much more.
To keep yourself organized in the process, always go back to your “why” for buying a home. This will be your guide in making decisions and narrowing down options. Additionally, writing out your needs, non-negotiables, and nice-to-haves will keep your thoughts in-order throughout the process. Consider different types of homes (single-family, duplex, townhome, etc.)... This will allow you to prioritize features you want or need in your space.
Trust your gut! A house can check all of your boxes on paper, but if it doesn’t feel like a home you can see yourself living in, it’s best to keep looking.
Don’t be scared or overwhelmed if you feel a wide range of emotions throughout the home-buying process. Especially for first-time buyers, you can feel everything from excitement and nervousness to disappointment and frustration. These are all totally normal things to be feeling, but try not to let your emotions cloud your exciting end goal – a new home for you and the people you love most!
Do you have questions about buying or selling a home? Not sure where to start?
Looking for a real estate resource to help navigate your next step?
You're in the right place.
Contact The Morris Team today - We can't wait to hear from you!
Contact The Morris Team today!
Karen Morris
Audra Morris
Erica Valentino-Smith
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