First Time Home Buyers and When To Start the Home Search

Deciding on the right time to buy a home is a big decision and knowing when that opportunity is possible is key. There are often misconceptions about home buying that people often believe that deter them from even doing the research necessary to find out if home ownership is right for them.

Money. That is the first issue that typically dissuades a future home buyer. Having enough for a down payment is one of the first hurdles you have to get over. Often you will hear that you must have up to 20% down in order to even start the process. This is totally untrue. While the more money you have to put down the better there are ways to get the percent lower and in a more manageable range. Between applying for grants and working with certain mortgage lenders there are ways to help bring the down payment into perspective. Being willing to do the work is half the battle.

Whether or not you have a less than stellar credit score or perhaps no credit history at all there are ways to combat the situation. Make sure you have exhausted all avenues to better your score. Paying bills on time and keeping credit balances in a reasonably low state will help bring your score up. It is also beneficial to take care of any derogatory  remarks as soon as possible. If you have no credit history to speak of you can often ask a landlord to report your rent payments so that you can build up a track record of on time payments.

Having a steady job can go a long way when applying for a mortgage. If you have recently changed jobs you can try and ask your current employer for a letter stating your job title and salary and it can often help.

If you think that a mortgage payment will just be unaffordable compared to rent you have to look at it from your landlords perspective. They are in it typically as a way to make money so they will change above and beyond what it costs them in order to turn a profit. So when you think about all that money that can be better spent investing into a property for yourself and your family it often becomes the better choice.

So when all is said and done and you have done the research and you have been able to work out all the details it will be time to start looking for a home. One should remember that your first home does not have to be the end of your home buying experience. There is always time for an upgrade. The first time you might want to remember your budget and only buy what is reasonable for the money and means that you have.

If you are interested in speaking to anyone about purchasing a home or listing your current home please check out our offices and agents page.