3 Important Tips for First-Time Home Buyers

By Admin Wednesday July 14, 2021

Due to the size of the outlay, buying a house can be challenging. For a first-time buyer, it can also be very intimidating. The greater the money involved, the riskier the investment.

However, the brunt of a first-time buyer’s anxiety stems from confusion regarding the process. With that in mind, here are some tips to calm your fears by clarifying the homebuying process.

State Support

First-time homebuyers have a set of advantages in the housing market. To be considered a first-time homebuyer, you need to meet the U.S. Department of Housing and Urban Development’s definition of one. If you meet the criteria, you gain access to an assortment of state-sponsored benefits, such as tax breaks and federally backed loans. The more support you have, the easier the homebuying process.

Financial Health

Before buying a house, you need to be sure that you can afford it. The average American cannot sustainably buy a house with only their income and savings. Generally, people rely on mortgages and state-support when it comes to procuring the capital needed to purchase a house. Consequently, you should assess three critical aspects of your financial health: your credit, spending, and savings.

Your credit score is reflective of your creditworthiness. Virtually all lenders will use your credit score to assess your credibility. Consequently, aim for a credit score of at least 700, which is considered good.

To account for spending, you should make a budget. Budgeting your expenses with interest and mortgage payments will help you assess whether you can afford your current spending pattern and a house. Moreover, it will help you figure out where you can cut your expenses to afford the house.

Having enough savings to foot the upfront costs of buying a house and supporting your living expenses is a necessity. Lenders will require you to have enough savings to pay the house’s down payment, etc. Moreover, you will need emergency savings to fund your living expenses in case the expenses exceed your income.

Home Inspections

With your finances organized, the next tip concerns finding the right house. Regardless of who guides you through the housing market, you will need to properly inspect the home to make sure you are not paying for unforeseen problems.

However, housing inspections can be difficult due to the number of things you need to expect. Plumbing, electrical work, foundation strength, and roofs are just part of a comprehensive housing inspection checklist.

Instead of inspecting the house yourself, keep some funds aside to hire a housing inspection service. Consider these funds as offsetting the repair and maintenance costs that will follow a bad purchase.

Contact us, at Clear Sight Inspections, for professional pre-purchase home inspections. We offer our services in Brooklyn, the Bronx, and the rest of New York’s boroughs. Schedule an inspection, and we’ll make sure you don’t make a bad investment.