The bank might tell you what they reckon you can afford, however, never stretch yourself financially too much when buying your first home. Avoid the pitfall of not having a budget when looking for your first home. So, work out what your monthly expenses are, minus rent, and then deduct that from income. You now know how much you can afford on purchasing your first home. For a detailed list of top mortgage lenders for first-time homebuyers the go to https://money.com/best-mortgage-lenders.
Of course, you will have a list of things that you want from your first home. However, don’t be so inflexible that you can’t decide on anything. Very often, compromises have to be made to get the best home for your budget. Sometimes, it is worth waiting a bit longer to save up some more money.
You may not be able to afford your dream home yet, but that doesn’t mean that your first property can’t become your dream home. So, try to see beyond the old wallpaper and bad tiling to see how the property could be fixed up. This may also add value to your property.
Home inspections are necessary to make sure that you know exactly what you are buying and what the cost of any future repairs may be. Remember, the roof may be sound just now, but will it need replacing in a year or so? Your home inspection will tell you. Don’t ignore serious flaws in the property that may cause you a major headache in the future.
So, even though buying your first home can be a stressful experience, you can make sure and avoid these pitfalls. In the end, you will have the home of your dreams.
Some deficiencies that will be discovered are long-term issues giving the homebuyer plenty of time to budget for repairs while some defects will require immediate attention. A good home inspector knows the difference and can help you assess what your expenses will be for your first 5 years in the home. If you want to know more about our professional inspection services here at Old Line Home Inspections, please contact us at (410) 236-3027 or click here to schedule an appointment.