Tips for First Time Home Buyers
Low listing prices, reasonable interest rates, and an abundant variety of homes to choose from are among a few of the reasons now is the perfect time for buyers to make a move in today’s real more favorable for first-time homebuyers.
Though becoming a homeowner comes with huge responsibilities and financial commitments, first-time home buyers should take advantage of the market over flowing with opportunities. The following tips will help ease the mind when considering the smart purchase of your first Jersey Shore home.
1. Determine what is reasonably affordable.
Prior to beginning the hunt for the perfect home, it is important to find an affordable price range. Many factors such as money available for a down payment, eligibility for a loan, and monthly mortgage payments, all play a role in determining what the buyer can comfortably afford. Total monthly mortgage payments should be, on average, approximately 30 percent of one’s gross monthly income. Affordability or loan calculators found on the internet can give a good idea of what is affordable. Before seriously inquiring the purchase of your first Jersey Shore home it is important to have a consultation with a knowledgeable financial advisor.
2. Deciding where and what
Once an affordable price range is determined, it is time to decide where you want to live and what you are looking for in a home. Whether staying with in the same general area, or looking for a new location, it is crucial to do a fair amount of research on the area and its demographics. For example crime rates, school districts, shopping, medical facilities, and travel, are all important factors have to be considered since they could affect your everyday life.
It is also essential to know what you are looking for in a home. Separate lists of essential needs and wants should be carefully thought out towards the beginning of the home search. The list of basic needs should include things such as minimum square footage, number of bedrooms and bathrooms, location, and price. The want list should be compiled of things that would be nice to have, such as pools, big yards, and gated communities.
3. Find a knowledgeable Real Estate professional
Finding and purchasing a home is a complicated, overwhelming experience, which should be nothing but exciting. Working with an experienced real estate agent can make the process run smoothly and be more successful. The chances of finding the perfect Jersey Shore home are significantly increased when put in to the hands of the right real estate professional.
Get additional tips and learn about the Home Buyer Process with Patrick Parker Realty. Give us a call at 732.455.5252 or contact us online, our dedicated area professionals are available to answer any questions you have as you begin this important chapter in your life.
You can also visit our Resource Room for Home Buyers.