Nigel Ricomas

'tis the season to be jolly and find a great deal on a new home....Many people postpone their house hunting until after December, so there's a good chance you can find a home and put an offer in first. While house viewings are allowed with Covid-19 precautions, some real estate agents are vetting potential buyers to w**d out time wasters. Getting preapproved first will help you become a priority to get through the door to make an offer.

Useful tips for first-time home buyers...Get estimates for utility expenses from the real estate agents or the current or former owners. It helps to know how much it'll cost for water, waste management and other monthly and annual expenses before you move in. If cable, internet and good cellular service are paramount in your family, be sure to ask questions about those options. There are always ways to save on utility bills and boost your cell signal after you move in.

Fun facts about buying a home...The median age of first-time buyers was 31. On average these buyers purchased a 1,670 square-foot home costing around $170,000. The typical repeat buyer was 52 years old. On average these buyers purchased a 2,060-square foot home costing $250,000(guess they don't live around here!).

Fun facts about buying a home... Home is where the heart (and equity) is. The average American family's net worth is in home equity. A homeowner's net worth is over thirty times greater than that of a renter.

Useful tips for first-time home buyers...Aim to have three to six months' living expenses in a savings account, even after you close. Depleting your emergency or retirement savings to make a large down payment is a risk best avoided. Putting 20 percent down to avoid paying private mortgage insurance(PMI) usually translates into savings on the monthly mortgage payment, but it's not worth the risk of living on the edge.

Useful tips for first-time home buyers...Visit the neighborhood multiple times. If you are unfamiliar with the neighborhood, it may be a good idea to check out the area at different times of the day. You can learn some valuable environmental information about your chosen property.

Useful tips for first-time home buyers...Attend a free pre-purchase homebuyer education workshop. Get pre-approved for a mortgage. While this is not actually getting a mortgage, it shows the seller that you will be able to pay for a home. You are not obligated to get your mortgage from the lender that pre-qualifies you.

Useful tips from actual home buyers...I didn't think about how much home owners insurance would add to my monthly bills, or that I would have to furnish my first home from scratch.
Remember to consider things like moving expenses, furnishings, closing cost, insurance, taxes, HOAs and any other hidden expenses of buying a home when first creating your budget. This will prevent you from getting a nasty surprise that you can't afford when you should be excited about your new home.

"One small positive thought can change your whole day." -Zig Ziglar

Useful tips from actual home buyers...Don't just look at houses, research their neighborhoods. Determine what neighborhood vibe is right for you.

Useful tips from actual home buyers..."Don’t buy more than you can afford, even if the bank allows it."

—callumsmommy

“Failure is the condiment that gives success its flavor.” – Truman Capote