What do you wish you knew about homeownership when you bought your first house?
I am wondering what things a firts time home owner should be aware of when purchasing their first home.
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Answers ( 1 )
First-time homebuyers should look for a house that they can add value to, as this ensures a bump in equity to help them up the property ladder.
One of the biggest mistakes first–time home buyers make is not shopping around for a mortgage. They might simply get pre–qualified with the bank they already use for checking and savings. Or they might get a quote and go with the first lender they speak to, assuming rates and prices are the same everywhere. In fact, that’s not true. As a first-time buyer, you have access to state programs, tax breaks, and federally backed loans.
Taxes and insurance bills are constantly rising almost every year. So when you’re really figuring out your principal, interest, taxes, and insurance, keep in mind that taxes and insurance are rising, and lately, insurance costs have skyrocketed. In most cases, you will have to pay PMI or private mortgage insurance these prices are also rising.
Home Maintenance and repairs are also inevitable. First-time home buyers always underestimate or ignore this expense. If something breaks, you must fix it. You are also in charge of keeping the lawn looking good, which likely means you are going to need to purchase some new equipment and tools.
Utility bills are typically much higher than where you currently live. Whether you’re moving from a home where utilities are included or significantly increasing your living space, you need to consider utility costs in your housing budget.
Home buyers should be aware first-time (realestatnews24.com)