Buying your first home is very exciting and it’s easy to get caught up looking at beautiful homes online and making a long wish list of must-have items like vaulted ceilings and an open concept kitchen. However, the biggest consideration will usually be your budget. The top dollar amount you’re able to spend usually limits your buying pool by quite a bit, here is how you can get the most home for your money on your first go-around with real estate.
1. Hire The Right Buyer’s Agent
Before you go looking for a house, sign up with a real estate agent who specializes in working with buyers. There are even special designations for buyer’s agents and first time home buyer’s agents you can look for. Your buyer’s agent should be an expert in not only helping you find a great home but using strong negotiation tactics to get it for the best price. Just Google, “first time home buyer’s agent in Claremore, OK.”
2. Stick To Your Budget
Don’t be tempted to pay more than you should for a house you fall in love with. Keep in mind that you don’t have to spend the max budget your loan officer gives you either, the most important factor is going to be whether or not you can make the monthly mortgage payment.
3. Save Up For Your Down Payment
The best down payment for a home is at least 20% but many lenders will let you get by with less, sometimes as low as 3% down. It sounds like a great deal but the more you can pay upfront (called the downpayment) the less your monthly mortgage payment will be and that also means you’ll pay less interest in the long run.
4. Keep Energy Bills And Repairs In Mind
To get a larger home or a home in a great Claremore subdivision you might be tempted to buy a fixer-upper but that isn’t always the best bet for inexperienced first time home buyers. If you can’t afford the repairs you’ll be stuck with a less than perfect house. If your home doesn’t have good insulation and good windows then you’ll also be paying a lot for heating and cooling.
5. Buy A Multifamily To Help Pay The Mortgage
Here is a great trick that many people don’t think of. If you buy a multifamily home (think something like a duplex) you can rent one side and live in the other. The rent you collect will pay the mortgage or at least help with it.
6. Get The Best Deal On Homeowner’s Insurance
Last but not least, shop around for the best home insurance rates. You can use our quick online form to get a quote and find the best deals and that will save you a lot of money each month!