Ready To Move Up And Out

real estate

Is it time for you to own your first home? Are you getting tired of being under mom and dad’s roof all the time? Are mom and dad beginning to get on your nerves? You are not alone. There are lots of young adults that feel this way inside. Here you will find your first home where you will be able to start your new life

Now that you are looking to own your first home, there are some thing you need to consider.

1) You might want to think about attending a home-buying seminar. You don’t have to, but it’s in your best interest if you do. You wouldn’t buy your first car without getting all the information upfront. Same thing goes for buying a home. Besides, these seminars offer pointers and information that you can’t get anywhere else.

2)Take a hard look at what you spend your money on each month. Write down all your expenses, excluding your rent. This is taken into account separately. Whatever is left over, this is what you will have to spend on housing. Factor in other bills too.

Do you need to make some changes? Do you need to forgo that daily trip to Starbucks right now? DO you need to start packing your lunch for a while? After a few months, see if anything has changed. If it hasn’t, maybe you are looking to the wrong kind of house. Maybe the house you want is just to expensive. It’s best to know what you can afford upfront.

3)Learn to prioritize things. Write a list of your needs and wants. Now go over it. Go over it again. Can a few things be taken off the list? Some home buyers get taken in by the excess. These men and women see the glitz, they just can’t afford it. When you buy your first home, you need to think practically. It might not be your dream home, but it’s not meant to be. You are just starting out. Remember this. Sometimes you do need to sacrifice a few things in the beginning, to get what you want in the end.

mortgage and savings4)Most first-time home buyers do not pay with cash, unless they are very wealthy. If you are still living with mom and dad, I am guessing this is not the case. If you are still living with mom and dad, you are not going to be loaded. You will need to talk to a mortgage company about a loan. You might even need to speak to a lender. The point is, figure out what type of loan you want or can afford. There are different kinds out there. Are you going to upgrade in a few years, depending on your financial state? Are you looking to stay in this home for quite a while?

Discuss your options with your bank and mortgage company. It’s best to have all the information before you move in.

For more information about owning your first home, log onto the Prescott Homes site.