No matter how much time you spend on researching and educating yourself about your home purchase, it’s hard to cover every detail. Here are a few tips for avoiding rookie mistakes with your first home purchase.
5 Tips for First Time Home Buyers
Save as early as you can: Even if you think you’re years away from buying your first home, try to start saving for your down payment. It makes a huge difference in your monthly payments, and helps avoid paying Private Mortgage Insurance.- Be thorough with mortgage shopping: There are countless resources out there that can help you get the best terms for your mortgage. It may seem like a lot of work to shave less than a point off your mortgage rate, but it’ll save you thousands in the long run. If you are looking for a good lender, check out MyMidtownMojo’s Team Lenders HERE!
- Consult a skeptic: You’re likely to fall in love with a home, and that can make it difficult to take problems seriously. Bring along a skeptical friend or family member who can give you an honest opinion. A word of caution here….don’t bring the ENTIRE family or you will never find your new home!
- Be patient with getting settled: You’ll be anxious to make your new home your own, but take some time to see how your budget truly shakes out. In other words, hold off on big furniture purchases and remodeling projects. I always tell my buyers to “get the feel” for the house or condo, then look at things you might want to change to make the home function better for your life style!
- Make sure you’re happy with the neighborhood: The house may be perfect, but don’t discount the surroundings. You don’t want to end up in the suburbs if you’re going to miss walking to your favorite coffee shop, and you don’t want to settle for the city if you’re looking forward to some peace and quiet. If you are planning on a family soon, schools will be important, and will factor into where you want to live. If you are single, or no children…that elevator ride to the street might be the living concept for you!
We LOVE working with first time home buyers. We have some other great resources and tips at our Intown Atlanta Real Estate Buyers Guide. But we are happy to sit down and talk about any part of the home buying process, and in fact, that a big part of our initial consultation with new buyers! We are here to help!
Call us now at 770.713.1505 or complete our Buyer Questionnaire to help us understand what you are looking for in your new home!
Let these Tips for First Time Home Buyers help you get started!
Just give us a call and we can schedule a time to meet!
Thom Abbott
I'm a real estate broker living and selling the City lifestyle of Intown Atlanta Communities. From the high rise condominiums of Midtown and Buckhead to the bungalows and traditional homes of Chamblee, Brookhaven and Doraville, I enjoy introducing people to parts of Atlanta and everything they have to offer. I'll help you find the right home in any of these or other exciting Intown Atlanta communities that border Midtown Atlanta and The Gold Line!!
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I like how you mentioned starting to save as early as possible for buying a house. My husband and I have been talking about the future, and we’ve decided that we’d like to purchase a home in the next year or two. Perhaps it would be a good idea to start saving now so we have a good amount of money by the time we’re ready to buy.
I think it is important to take your time. Prepare and know what your must haves are, your would be nice to have, and what isn’t important. Do your research on the home buying process so that you understand and make the best decision. Great tips, thanks for sharing!