So this content is a little different from my usual mental health related ones. One of my lovely subscribers asked if I would share some tips about the home buying process since my boyfriend and I just bought a house in late August. I’m going to do things in chunks so that it’s not a ton of information at once.
Tip 1: Get Your Money Sorted
Before even starting to look at homes, you have to make sure your finances are in check. Whether it’s just you buying your house or you have a partner/spouse, figure out if you have enough saved to make a half decent downpayment. Because we were first time homebuyers, we put down 3% but typically they want you to put down 20% of the cost of the house.
We both had a few thousand dollars saved so we only had enough to do the minimum downpayment at closing. If you do 20% you don’t have to pay mortgage insurance either. We aren’t doing that because we got a really good deal.
Also consider how much of a mortgage payment you can afford now. If you are doing well with the amount fo rent you’re paying, try to find a house that would allow you to have a similar payment.
Tip 2: What do you want?
Once you begin looking at houses online (we used Trulia and Zillow) have a list of some non-negotiables you want your home to have. For us we without a doubt wanted off-street parking, a yard and central air conditioning. When you have those essentials in mind, you won’t be wasting your time looking at places that don’t work for you and your family.
Also of course the location of the home is important. We looked in four different towns in our area for homes but luckily bought ours in my favorite neighborhood in my hometown. I spent my first four years in a house two blocks away and used to work at the Wendy’s nearby (which is now sadly closed).
Tip 3: Price Range
Since you have all your money sorted, figure out your price range. We were looking at house $100,000 to $130,000. Stick to your budget, you don’t want to end up in a house you can’t afford.
Tip 4: See As Many Houses As Possible
See lots of houses. By seeing a lot of different places, you’ll get a better understanding of what is best for you and want will make you and your family happy.
Ok that’s it for this! The next post I will talk about the worst part…mortgages. GASP! The part that had me so anxious my hands were shaking on a regular basis. I got blood work done it was so bad I thought I had a thyroid issue.
I hope you found this helpful 🙂