Tips Home Buyers Can Follow

A house can certainly be one of your biggest assets

. It's a significantly major purchase for anybody, and of course, it's best to prepare for this kind of major event in your life by knowing all you can about it. Here are a few tips to get you started with being a first-time home buyer:

Look closer at your finances. You should know that owning a house will bring on more fixed expenses to you monthly. Check if you're cutting it too close should you get a house now or whether you'll need to get a second job to fund the mortgage and other fixed expenses. Buying a house will definitely change your lifestyle a lot, but it's really not advisable to stretch it too thin because you'll be dealing with your mortgage for an extended period of time. A good way to know if you're cutting it too close is by looking at whatever disposable income you'll have left after fixed monthly expenses and thinking about whether you can go on for 30 years living only on that amount. You should also take into consideration that being responsible for a house means that you have to do some regular maintenance on it, which also costs a considerable amount of money. Remember that a poorly-maintained house will adversely affect its resale value.

Get a shortlist of neighborhoods where you want to buy a house to give you an idea of where you want to set your goals on, but your timetable still depends on your current financial situation. It's just good to start off with a goal and to follow the historical trend of the real estate market in that location. For example, if you want to break into Portland Real estate, check out Portland Homes for Sale in the specific neighborhood you want to move into to get a feel of how much money you're going to put up, more or less. You'll also know which real estate market to watch.

Learn from real estate agents. First time buyers are going to find the help of real estate agents invaluable. It's important that you find the right agent, though. Don't be afraid to conduct interviews and to refuse the service of agents who you don't feel like you can work with.

Saving is an integral part of the home buying process. It's not just the down payment, taxes, and monthly mortgages fees you need to think about. There are also home inspection fees, closing costs, transfer taxes, and more which could easily come up to 8% of the total price of the house. For a $300,000 house, that could be around $24,000 in closing costs and other miscellaneous costs. Not to mention your expenses for moving as well as other expenses when you've already moved in, like minor repairs or improvements. Your best bet is to save more money when you've saved enough for the down payment, just to get out of the red. This makes the transition to your new house a smoother experience.

by: Niklas Hahn

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