Buying your first home can be a very exciting yet frightening experience. You probably have what seems to be thousands of people telling you what to look for, what to ask the realtor, and what to spend your money on. Hearing all this information can be overwhelming and confusing, which is why we decided to make a list of questions every first time home buyer should be asking.
What To Ask When You’re A First Time Home Buyer
- For starters, you should be asking yourself what can you afford. The bank might approve you for a large mortgage but you should think about if you can really afford it comfortably. You should consider taking a long look at your overall income, current expenses, and any debt. Making a spreadsheet or writing this out helps too.
- Question what type of mortgage you should get. Keep in mind the location of the home, length of time you plan to stay, your credit score, and competition. Different mortgages include different things, including a conventional mortgage versus a government-backed mortgage and a fixed-rate mortgage versus an adjustable-rate mortgage.
- What are the closing and moving costs? Many first-time home hunters only consider the cost of the home itself while house-hunting. Many don’t think of the cost it will be to actually buy the home and the cost of moving. Keep in mind home buyers might be able to negotiate these closing costs with their realtor.
- Don’t forget to ask about the property taxes! First-time homebuyers are often shocked at the cost of property taxes. Before purchasing a home, it’s smart to find out the property tax for the home you’re looking at buying.
- Think about the utility costs on a monthly basis. Ask the seller about utility costs. Some common questions may include: how much do water, electricity, and gas cost each month?
- How long do you plan to live in this home? If you only plan to live in his home for 3 to 5 years, it might not be the best idea to splurge and buy a home that reaches the top of your budget. Short term homes should have a good resale value.
- Consider the location and neighbors. The location of your home and the neighbors surrounding it affect the value of your home and adds to your overall experience living in your new home. Pay attention to if the home is located near a highway or loud area or if the home is located near-empty storefronts and businesses are leaving. Be sure to ask the seller about the surrounding areas of the home.
- What type of insurance coverage will you need? Home insurance is an important thing to invest in. When you close on a home, an agent can work with you to determine what home insurance coverage best works for you, your budgets, and needs.
Contact Ramsey’s Moving Systems
Buying a house for the first time is an exciting yet anxiety-provoking experience. Keep in mind many relief programs exist for first-time home buyers, and this can really help with the finances involved in buying a home. Once you close on your new home, Ramsey’s Moving Systems can help with making the moving process seamless. From long-distance moves to needing extra storage space, Ramsey’s has you covered! Contact us today.