The challenge of home buyers for the first time can seem so daunting that it’s tempting to either just go with the first house that falls in your price range or continue to rent. To help you demystify the process and get the most out of the purchase, we’ll examine what you’ll need to consider before you buy, what you can expect from the buying process itself, and some handy tips to make life easier after you purchase your first home.

A Consideration before you buy
The first thing you’ll need to determine is what your long-term goals are and then how home ownership fits in with those plans. Here are five questions to ask yourself:

  1. What type of home best suits your needs?
  2. What specific features will your ideal home have?
  3. How much mortgage do you qualify for?
  4. How much home can you actually afford?
  5. Who will help you find a home and guide you through the purchase?

 

The Buying Process
Now that you’ve decided to take the plunge, let’s explore what you can expect from the home buying process itself. Here is the basic progression you can expect:

  1. Find a home.
  2. Consider your financing options and secure financing.
  3. Make an offer.
  4. Obtain a home inspection.
  5. Close or move on.

 

Congratulations New Homeowner … Now What?
You’ve signed the papers, paid the movers and the new place is starting to feel like home. Let’s now examine some final tips to make life as a new homeowner more fun and secure.

  1. Keep saving.
  2. Perform regular maintenance.
  3. Ignore the housing market.
  4. Don’t rely on making a killing on your home to fund your retirement.

 


This brief overview should help put you on the path towards filling in any gaps in your home-buying knowledge. Remember that the more you educate yourself about the process beforehand, the less stressful it will be, and the more likely you will be to get the house you want for a price you can afford – and with a smile on your face.