A Simple Guide To Buying Your First Home With the downturn that the economy has undergone, the experience of buying your first homagic.com has seemed to have transformed from a smart investment full of hope for the future into a scary and perilous financial risk. However it doesn’t have to be! With some smart decisions and a little knowledge of the world of real estate, buying a home can still be a great investment.
Buying a home is a process, and like any other journey, there are certain steps you can take to ensure you reach your goal safely and successfully.
Financing
The first step when it comes to buying your first home is figuring out what your budget it. One of the biggest and most common mistakes first time homeowners make is buying a home that is beyond their means. While splurging on that 4 bedroom home may seem like it is worth stretching your monthly income, all it would take is one unexpected major expense to cause a cascading financial avalanche that can ruin your credit and cost you your home.
Before you start looking at actual homes, you should find and meet with a lender. They will be able to help you figure out your budget, including how much money you will need up front for a down payment and closing costs. If you qualify, there are also some government programs that can help you get into your first home with a low interest first time buyer loan.
Finding The Home Of Your Dreams
Once you have gotten your finances in order and have established a budget, the fun begins! Before you set out to look at homes, sit down and decide what features your new home must have. There are hundreds of homes on the market in any given area, so knowing what you want can help narrow down the list considerably.
Location
The next decision you will need to make is location. If you have children, you will want to check the schools in the area of any home you consider, as well as the amount of crime present. In addition, find out if certain areas are prone to natural disasters, especially flooding. A home on a floodplain may seem like a bargain until you find out the cost of insuring it.
Get Professional Help
Once you have the criteria and location narrowed down for your new home, it is time to get professional help. A good realtor will be your greatest asset as you search for your new home. Ask your family or friends if they have anybody they can recommend. Since you have already narrowed down what you are looking for in a home, your realtor will be able to target specific homes that are a good fit for you and your family.
Buying your first home can be a scary prospect, but you stand to reap countless benefits. Why throw your money away on rent every month when you can often get a mortgage with a similar (or lower) monthly payment that works towards paying off a home of your own.
Is your home the apple of your eye? But, do you feel unhappy with the inadequate living space in your home? If its limited size is becoming the reason of your dissatisfaction, do not worry. You do not need to start searching for a bigger property in order to accommodate growing members of the family.
The Solution is here
Do not think of selling your home and buying a bigger one. You can make optimum use of unused areas in your home and increase your living space. Here are a couple of home remodeling ideas that will provide you with more room and additional comfort in your home.
· A Beautiful Attic
Does your home have an unused attic space? Why not transform it into a functional and stylish living area? You can add a whole new level to your home. If you need an additional bedroom, you can use the area to create a new bedroom with facilities of a bathroom. Alternatively, you can opt for a home theatre center, a library study, a home office, etc.
· A Useful Garage
Do you rarely use the garage? Is it a place for storing junk? Renovating the garage is a good way of adding space to your home. You can make it your new man-cave or create an additional bedroom for the guests. It can become an office space for your spouse as well. Alternatively, you can think about a home addition project and create a new level above the garage and use it to solve space issues in your home.
· A Beneficial Basement
Is your basement only used for storing old furniture and broken appliances? A home remodeling contractor can work wonders for an idle basement space. Consider several different uses for the basement such as an in-law suite for your family, a rental apartment for earning extra money, a play-area for the kids, etc.
A good home is one with adequate space for everyone and everything.
Whenever you think of adding space to your home, consider the future. It is because it is not a temporary renovation project such as painting the walls or changing the kitchen cabinets. If there will be new additions to the family in the near future, consider the requirement of additional space before making a decision.
You must discuss your home remodeling ideas with your family. Once you reach a consensus, hire an expert home remodeling contractor of your area. He will help you in making practical decisions and convert an unused area into a useful living space.