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Cypress Homes

5 Tips for the First-Time Home Buyer

February 7, 2017
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We all know that buying a home is not an easy process. That’s why Cypress Homes is here to help! Getting some help when buying your first home is a great idea. These five tips will help you out when you are stuck and you don’t know what decisions you should make in the next step to buying your first house.

savings jar1. Investment
When buying a home, generally you’re thinking of being there long term. Since purchasing a house is a long term commitment, the home you buy is an investment you will most likely end up selling eventually. Whether you’re looking at homes that need a complete gut-job or homes that are move-in ready, you have to prepare yourself for the upkeep. Taking care of your house is an essential aspect in being a homeowner. Each year, pick out a small project that can upgrade and make the home more valuable. These projects don’t have to be huge, just something that keeps up the value of the house.

down payment2. Down Payment
The down payment is an initial payment made when something is bought on credit. This initial payment is going to come out of your own pocket. Save up for this down payment because the larger your down payment is, the less your monthly payments are going to be. A year prior to buying a house, watch what you are spending your money on and try to cut back so when you are ready to purchase a house, you have a nice stash of cash for your down payment.

House-Hunting3. Hunt!
House hunting can be a long, drawn-out process, but definitely worth it in the end. It requires tons of patience. You probably aren’t going to find your dream house right away. Take some time to look at different types of homes and floor plans. Figure out what you want exactly. Ask yourself what is right for you. Do you need a large living area? Do you need a large kitchen? Create a list of must-haves, but realize you may have to sacrifice some of those items based on your budget. Just go for what you feel is right.

budget4. Budget
A budget is important to keep in mind before you buy a house as well as after. You need to sit down and figure out what you are comfortable paying every month towards a mortgage. It’s not a bad idea to look at homes that are a little lower than your max budget. This will give you a little breathing room to do things like small updates or buy new furniture. You also will want some extra money set aside for emergencies, like the furnace dying or needing a new roof. One of the worst situations you can get yourself into is being house poor. You want to be able to enjoy your new home, not live there with no way of paying for anything else!

5. Patience
Buying a home is a process! When buying a home, you want to be certain you know what you’re getting. A home is one of the biggest purchases of your life! If there is anything you’re not sure about, be sure to ask the professionals. Once you know what you want, go for it! There will be lots of paperwork that you will need to go through in order to obtain they keys to your new house. This may be a stressful time, but it is well worth it in the end!

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This post was written by Greg Drusch

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