Basics of Property Management: Screening Potential Tenants

Great Advice When Buying Your First Home

3 August 2015

Jesse Obrien

One of the most important decisions in your life is buying your first home. In order to make this process go according to plan, you can take these steps.

Review Your Finances

The first thing you should do when buying a home for the first time is to review your finances. This is important because it helps you determine how much you will be able to afford, whether you are buying a new home or one that's used.

Compile both you and your spouse's income if you have one. Then, see how much the mortgage is going to cost, as well as the bills, property taxes, closing costs and daily living expenses. If you have plenty of money left over after paying for these things, chances are you can afford the home.

If you want professional advice when it comes to buying a home, you may want to talk to a financial advisor. They will be able to take an in-depth look at your finances, and see where you stand in terms of how much you can afford for a home.

Check Out the Neighborhood

Before making an offer on a home, it's a good idea to take a look around the neighborhood. This gives you a good sense of what it's going to be like for you and your family to live in the home.

Talk with some people around the neighborhood, and see what kind of vibe you get. Are they friendly? Do they welcome you with open arms? These are the questions to ask yourself, as you may be moving to your new home permanently.

You also need to check out the condition of the houses in your area. If they are in pristine condition and the lawns are maintained, this indicates that you are in a good area.

Hire a Realtor

If the whole process of a buying a home gets too much for you, there's always help thanks to a realtor. This professional can do many helpful things for you, such as determine the true value of the house. This prevents you from overpaying.

Your realtor can also hire a home inspector to come out and look at the place. The inspector will check things, such as stucco issues, drainage problems, electrical wiring and the condition of the roof. All of these inspections help determine if your home is safe to live in or not. 

If you are buying a home for the first time, you may be going through all sorts of emotions. In order to put your mind at ease and make this process less stressful, you can take these steps.

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