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2013-03-22 16:21:40
Attention first time home buyers

One of the most exciting things that we experience while covering the university area, is to be a part of a young couple's big decision to buy their first home together.

Buying your first home is an exciting landmark in your life and it will be one the biggest decisions that you have made up to this point. The amount of commitment, study and hard work required to make a smart purchase can be very intimidating, but when done carefully, buying your first home will be a very rewarding experience.

Our team at the @Home Realty Network is dedicated to work alongside you and guide you through the home buying process. Through years of experience, we have gained an understanding of what factors are important to consider in the Cache Valley housing market and we want to share that knowledge with you. Below are a few pointers that will get you started in the right direction when determining which home to buy.

1. Determine your annual income.

            Finding out how much money you bring home each year will be an important factor in deciding which homes you can afford. The Federal National Mortgage Association suggests that paying more than 28% of your annual income on your home mortgage can lead to being 'house poor' (which basically means that you are spending so much money on your house that you do not have money to put things inside your house).

 
2. Do some homework to understand mortgages and loans.

            The majority of your house payments made during the first half of your loan, are going primarily towards interest. To avoid paying more interest than necessary, it is important to understand the different types of mortgages and loans available to you. Determine which type will best meet your needs and then shop around to find the lowest interest rates. If you need any recommendations of local lenders, let us know.

            Just a side note, if you have a low credit rating, it might be a good idea to build your credit before looking for a home loan.

3. Expect to spend more than planned on your home.

            Those buying homes for the first time, are often not aware of the hidden costs that come with home ownership. Make sure to set aside some extra funds for property taxes, home owner's insurance, closing costs, and the price of inspections. Depending on the age of the home that you wish to purchase, you might also need to set money aside for home repairs and remodeling.

These are just a few pointers to get you started on the road to buying your first home. Visit our blog each week for more tips that will help you make a successful first home purchase. If you have any specific questions about your individual circumstances or are interested in taking the next step in the home buying process, please feel free to contact us.

 

 

 
Blog Archive
2016-03-03 19:58:43
Cache Valley Real Estate Statistics (February)

2015-12-07 13:00:20
Cache Valley Real Estate Statistics (November)

2015-11-02 10:57:54
Cache Valley Real Estate Statistics (October)

2015-09-18 13:28:53
Cache Valley Real Estate Statistics (August)

2015-08-11 11:46:20
Cache Valley Real Estate Statistics (July)

2015-07-01 13:47:45
Cache Valley Real Estate Statistics (June)

2015-05-14 11:03:28
Cache Valley Real Estate Statistics (April)

2015-04-03 13:21:01
Cache Valley Real Estate Statistics (March)

2015-03-06 11:37:03
Cache Valley Real Estate Statistics (February)

2015-02-12 11:29:47
Cache Valley Real Estate Statistics (January)

2015-01-21 16:41:09
Cache Valley Real Estate Statistics (December)

2014-12-05 15:41:31
Cache Valley Real Estate Statistics (November)

2014-10-09 13:12:34
Cache Valley Real Estate Statistics (September)

2014-09-09 06:03:15
Cache Valley Real Estate Statistics (August)

2014-08-05 15:45:47
Cache Valley Real Estate Statistics (July)

2014-07-07 14:54:38
Cache Valley Real Estate Statistics (June)

2014-06-17 15:29:03
Cache Valley Real Estate Statistics (May)

2013-12-17 06:47:52
Cache Valley Real Estate Statistics (November)

2013-11-15 11:01:55
The Utah real estate market on the rise

2013-11-13 17:06:22
Cache Valley Real Estate Statistics (October)

2013-10-19 15:55:16
Prepare for winter by winterizing your home

2013-09-18 15:32:17
Cache County Real Estate Statistics (August)

2013-08-28 20:27:04
Cache Valley Real Estate Statistics (July)

2013-08-10 09:54:57
Using some fall flare to sell your home

2013-08-03 13:07:54
Getting ready for back-to-school shopping

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