Tuesday, February 11, 2020

Essential Advice for First-Time Home Buyers

When it comes to purchasing a new home, it is always a stressful experience. From securing
the appropriate financial methods to finding the home that suits your family best, you often wish
for the process to be over - even when you’ve done it before. However, when you are a first-
time homebuyer, purchasing a home is a significant, new, and often overwhelming experience.
Fortunately, with the appropriate planning and a clear head, first-time homebuyers can ensure
that the home buying process moves along smoothly.

The first step in the process begins before the process actually starts. If you decide you want to
purchase a home, start saving at least a year or so beforehand. Saving for a down payment
before you get into the process is a good idea because the more substantial your initial down
payment, the easier it will be to get the home of your dreams. For example, a $200,000 home
with a down payment of 5% is $10,000 - you’ll need to have that sum ready to pay immediately.
Plan ahead and start saving early. As you are saving, research your down payment and
mortgage loan options. One crucial piece of advice? Make sure to raise your credit score.
Now, onto the home shopping. Looking on websites such as Cyprus Property and other local
sites means searching through available homes in your neighborhood in real-time. However,
you can also choose to hire a real estate agent and work closely with someone you get along
with. If you choose this option, make sure they understand everything you are looking for in a
home, including your preferences in the neighborhood, school, and local area preferences. A
real estate agent or buyer’s agent will be skilled, motivated, and knowledgeable about the local

Whether you look online or use a real estate agent for research, look into the area in which
you’re moving. Research nearby schools, even if you do not have children and local safety and
crime statistics. Map local hospitals, grocery stores, pharmacies, and other essential amenities.

Drive through the neighborhood on your own to see it for yourself. As well, you must be able to
stick with your budget. It is too easy to find the “home of your dreams” and run away with a
million-dollar home that you won’t be able to afford next year. Think about your future and
budget accordingly.

Never shop for a home on your own, even if you feel as if you’ve done all the necessary
research. Working with talented agents such as those at Century 21 Cyprus can help you avoid
the costliest first-time homebuyer mistakes. Some people who are new to the process forget to
budget for closing costs with can run up to 5% of the loan amount, or forget to save for post-
move expenses. Homeowner’s insurance is another important buy to consider. Still, some first-
time home buyers leave it behind, and some new buyers forget a home inspection can be
surprisingly lacking.

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