Besides the weather finally feeling like spring the graduation celebrations, this time of the year is big for another segment of people: home buyers. Let’s face it, no one really wants to go house hunting in the winter time, especially after the winter we just had.
So as many people who have already purchased a home know, there’s quite a few steps that go into a successful purchase. And that’s exactly why the prospect of buying a home for a young couple who have never done it before is rather intimidating. But fear not, for today and tomorrow’s blog will dive into all of the tips that first time home buyers should be aware of in order to make the process as pleasant and rewarding as possible. Oh, and as always, there will be some stuff about CT homeowners insurance as well! Come on, how could we not?
First and foremost, there really hasn’t been a better time to purchase a home since interest rates are still incredibly low, so that means mortgage payments can be pretty affordable and reasonable. But just because the rates are low doesn’t necessarily mean you can stretch that budget from a $250,000 home to a $500,000. Remember, stick to your budget! But as we digress, below is a solid checklist of what all first time CT homeowners insurance home buyers should be on the look out for.
- Timing is everything. Like we said before about interest rates, there are times when buying makes a lot of sense (like now) and times when you may have some difficulty with it. For example, according to reports, it’s around 40% cheaper to purchase a home today than it is to rent one.
- Be smart with your money. If you know you’ll be entering the purchase market within the next year, then start NOW with saving for a significant down payment. We’re talking 10-20%.
- Inspect your credit history. Obviously your finances are going to go under the microscope when purchasing a home, so make sure that your finances (like your credit score) are in tip-top shape. Paying your bills on time and eliminating credit card debt are just some of the ways you can clean up your sloppy piggy bank and ensure that you get a home.
- Calculate what you can truly afford. There are some great tools out there, such as apps and websites that can assist you in estimating how much house you can afford based on your income, savings, and debts. This will significantly help you look for the right home for your wallet.at’ll help you research homes and drill down on costs.
Come back tomorrow to find out the rest of our home buying tips!