The New Home Buying Process: What to Take Into Account
A home is likely to be the biggest purchase you make in your lifetime. Accordingly, it can be one of the most stressful purchases as well. From navigating your finances and applying for a mortgage to finding a home and moving, the entire process can be overwhelming, especially if you are a first-time homebuyer.
Thankfully, we’re here to help. Read on to learn more about the new home buying process, how to prepare, and what to expect.
Consider Your Finances
Finances are going to play a huge role in the process of buying a new home. Most buyers will take on a mortgage, which requires you to have a solid financial basis. Most lenders will not approve you for a mortgage with a low credit score.
You’ll have to demonstrate that you have the ability to pay and many lenders also require a down payment. Talking to your lender before you do anything else is a wise choice, as if you can’t get approved for a mortgage, you may have to put off your plans to buy for a bit longer while you improve your finances.
Decide What You Want
Before you determine the type of house you want and need, you need to decide if you are going to purchase a home that is already built or if you are going to buy new construction. If you decide you want to build a home, the process is similar but different. Check out some of the options at fieldstonehomes.com/new-homes/.
With new construction, you may get to choose your finishes and be a part of the entire building process, from selecting your piece of land to watching the home go up. You lose out on this ability with a home that’s already built, but there are advantages to buying a home that’s already on the market, like being able to get into the home much sooner.
Size and Style of Home
Once you decide to build or buy, think about what size home you need and what features you want and need. Make a list of must-haves and nice-to-haves to get an idea of what’s necessary and what’s a want but not a need.
Cosmetic things, such as paint, an outdated kitchen, or flooring, can be changed. Things like neighborhood and the size of the home can’t be changed (or can’t be changed easily).
If you plan to be in your home long-term, think ahead to when you may start a family, get older, or have elderly family members living with you. You may want to purchase or build a home with more bedrooms than you need now or a home without stairs if you expect to have mobility issues or will have elderly family members living with you at some point.
The New Home Buying Process Doesn’t Have to Be Stressful
Although the new home buying process can seem overwhelming, with some preparation and guidance, the process doesn’t have to be stressful. In fact, it can even be fun, as you get to shop for your new home, move to a new neighborhood, and decorate your new space.
If these tips helped ease your stress, be sure to check out more of our lifestyle and home buying tips before you go.