Embarking on the hunt for your first home can be a daunting undertaking on top of the new financial concerns.
To help keep you informed, we compiled a list of the items you should consider when purchasing your first house.
It is important to consider how much you can afford to buy based on the mortgage you’re comfortable paying each month, as well as how much you’re actually qualified for.
During this stage you should also be questioning your net income vs. payment ratio.
Once you have an understanding of those two aspects, be sure to compare the financing options currently available. Chart the pros and cons of both state and federal mortgage products available for first-time home buyers.
Massachusetts also provides first-time home buyer courses; CHAPA Homeownership Education Workshops, Housing Consumer Education Centers, and MassHousing Homebuyer Counseling.
Next, take into account the current local market conditions whether it be interest rates or projected resale value based on anticipated neighborhood development.
Are there any state-level financing or down payment incentives you can take advantage of, or regulations you need to be wary of?
Think about expenses on a more granular level; all of those that go beyond the mortgage such as closing costs, home owners insurance, maintenance costs, property taxes, and utilities.
Insurance & Process
What do you need to know about homeowners insurance and how much should you anticipate?
Map out each step of the home buying process along with a flexible timeline. Will you need a buyer's agent and qualification letter throughout the process? Or can you have it on hand later?
One of the most important questions first-time home buyers should be asking themselves is: Will this investment align with my long-term financial/life goals?
Ask a lot of questions. Purchasing a home is a big deal that requires deep thought and you shouldn't feel guilty about having a never-ending list of things to ask.
We understand your first house is one of your largest investments and with proper planning and protection, you’ll be able to settle in, and focus on turning your house into a home.