Buying your first home is a big step. You need two things before you decide to make that purchase. First, you need to have all your financial ducks in a row. Make sure you have money set aside for the down payment and that you have some money in reserve for any problems that might come up after you buy your home. Look at your credit report and see if you need to change or correct it. Make sure it presents you in the best light possible and that it tells the truth about you. If there are mistakes or inaccuracies, take the time to get them fixed.
Second, make sure you are emotionally ready. Buying a home means assuming responsibility for the new home. It is a big financial commitment and a time commitment too. When something breaks or needs repair, there is no landlord to call because the landlord IS YOU.
I advise you to NOT buy a home if you also are planning a wedding or having a baby or changing jobs. At least provide some time between these events. Make sure that you are not taking on too much at one time. All of these events are stressful and cost money. Home buying should be a pleasant experience but it can become a nightmare if you are under too many time pressures and too many money pressures.
First time homebuyers will find good opportunities year round, but here in Minnesota, fall is especially a good time to shop. The market is usually a little slower and sellers are delighted to see you visit their home. Prices tend to be a little softer in the fall and mortgage interest rates usually drop in the fall as well. However, any time is a good time when you are ready.
For more detailed information, come to our FREE NO OBLIGATION FIRST TIME HOMEBUYER class or wait for future blogs. “Simple answers to home ownership questions”.