Homeownership, often referred to as the cornerstone of the American Dream, can seem overwhelming and intimidating, especially for first-time buyers. To help you navigate this exciting journey, we have compiled a list of 11 essential tips for first-time homebuyers.
1. Define your budget: Before you start looking at homes, know how much you can afford. Consider not only the home price but also the cost of property taxes, homeowners insurance, utilities, and maintenance.
2. Save for a down payment: Although some loans require a smaller down payment, saving up 20% can help you avoid the cost of private mortgage insurance (PMI).
3. Get pre-approved for a loan: This shows sellers that you’re a serious buyer and can afford their home.
4. Research the neighborhood: Visit at different times of the day and on different days to get a real sense of the community.Look into the local schools, crime rates, and amenities nearby.
5. Be ready for a bidding war: In a hot market, be prepared to make your best offer quickly, or you may lose out.
6. Inspect the home: A home inspection will help you spot potential problems that could cost thousands of dollars down the road.
7. Understand your mortgage options: From fixed-rate to adjustable-rate mortgages, learn about the different types of home loans to find the right one for you.
8. Prepare for closing costs: These additional fees can be a surprise if you’re not ready, so be sure to budget for them.
9. Don’t forget about the ongoing costs: Maintenance, repairs, property taxes, homeowners insurance, and utilities add up, so factor these into your budget.
10. Consider future resale value: Even if you plan on living in your home for many years, it’s a good idea to consider its future resale value.
11. Hire an Insurance Agent: Consider hiring an experienced insurance agent who can guide you in finding the right homeowner’s insurance policy tailored to your needs, protecting your investment.
Our team of insurance experts is here to help you find the right coverage that protects your investment and provides peace of mind.
About Ryan Ruffcorn
Ryan grew up in Keokuk, graduated from Keokuk Senior High, and started his agency in Keokuk from scratch in 2003 after having worked for one of the largest international accounting firms, KPMG, LLP.
Ryan is hardworking; his loyal and trustworthy character is exemplified by the way he does business. He thoroughly enjoys helping clients through the insurance buying process to secure coverage for their most valuable assets.