The process of buying a home can feel daunting and confusing, especially if you’re a first time homeowner. But you don’t need to let that hold you back. Take a look at these first time home buying tips. They can help you through the process confidently.
Start Saving Now
If you haven’t already been saving for your down payment, start now. If you can stash away $50-100 a month, that’s a great start. Down payments frequently range 5% to 20% of the home’s purchase price. Some financing options may tempt you with offers of $0 down payment, but financing 100% of your new home may come with higher interest rates and a much longer repayment plan than you actually need.
Start looking at homes you may like. Even if you’re not ready to buy, shopping when you’re not rushed can help you take inventory of features you like and want vs. things you can live without. An unrushed decision is always better, so start browsing and take note of things you like and things you don’t.
Take a Look at Your Budget
Oftentimes, a bank will approve financing for far more funding than you actually need or can comfortably afford. Just because you may be approved for $20,000 beyond your budget doesn’t mean you should look for a home that’s that much more expensive. Home ownership comes with its own responsibilities and expenses. Leave yourself some wiggle room in your budget and don’t eat it up with the most expensive home you can buy just because your bank is approving a generous mortgage.
Talk to Us
We can help make the first time home buying journey an easy one! Talk to us about our single or double section manufactured homes for sale.
Solitaire Homes has been providing quality homes to satisfied customers for more than 50 years. Our homes are built to last a lifetime, and we can walk you through each step of the process, including your financing options, to make your home purchasing stress-free. Contact us today. We’d love to help you buy your first home!