Buying your first home can be a stressful experience, but it does not always have to be. By preparing ahead of time, you will be less likely to run into problems when you finally decide to buy a home. These first home buyer tips will not only lead you to your first home, but they will also make the home buying process much more simple and enjoyable.
1. Figure out what you can afford. With a quick online search, you can find several mortgage calculators that will give you a rough estimate of what you can afford. These calculators take into consideration your income, your debts, and your assets, and by calculating all the numbers you provide them with, they will give you a figure that is in your price range. For quick reference, however, many realtors suggest that your monthly mortgage payment should be no more than 25%-30% of your monthly income.
2. Take into consideration other costs. While you may already have money saved up to help pay for your mortgage, there are other costs to consider. A down payment and closing costs, for example, will cost you money upfront. Do you have enough cash on hand to afford these expenses? Think of it this way. Between your down payment and closing costs, you will be spending approximately 20%-25% of the home purchase price right away. Do not let these expenses drain your savings, though. You should still have cash saved up even after you spend this money upfront.
3. Find an area you like. You will be in your home for years to come, so it is important to find the best location possible. Wyoming, for example, is becoming a popular place in which to live. In Wyoming, there is no corporate tax, no state income tax, and the personal tax burden is the second lowest in the nation. Jackson Hole, Wyoming is also home to Harrison Ford, Sandra Bullock, and Dick Cheney. Jackson Town Square even holds the only public elk antler auction in the country. In addition, the area has over 60 species of mammals and 100 species of birds. Whether you are seeking luxury log homes or other high end log homes, Jackson Hole has many options to choose from.
As a first-time home buyer, you may be feeling overwhelmed. If you need help buying a home, these first home buyer tips are designed to make your experience less stressful, as they allow you to plan ahead. By taking into consideration what you can afford, what the additional costs will amount to, and what area you would like to live in, your experience will be more enjoyable. These first home buyer tips will not only lead you to a house, but they will lead you to a home. Get more info here.