Buying a home for the first time can be an exciting – yet intimidating – task. There is a lot to learn when it comes to understanding exactly what’s involved in purchasing a house.
Many pieces have to fall into place for a successful home purchase, and navigating the home buying process can sometimes feel overwhelming, especially when you’re doing it for the first time.
As experienced home builders in the greater Capital Region, we’ve worked with hundreds of home buyers over the years. We’re well versed in the home buying process, and wanted to share some of the key things you should keep in mind if you’re in the process of buying your first home.
7 Things You Should Know When Buying Your First Home
There are dozens of things you’ll learn throughout the process of purchasing your first home, many of which are best learned through experience. But as you approach the task of buying your first house, here are 7 key things you should be aware of.
- You should start by finding out which mortgage options you qualify for
Don’t make the mistake of falling in love with a house that you can’t afford. Start out by finding out what mortgage options you qualify for and how much you are qualified to borrow so you’re able to establish a realistic budget you can work with.
Having a budget and an understanding of which mortgage options are relevant to you will help you to narrow down your home options and ensure that you are shopping within your means.
- You probably don’t need to put 20% down
Many first time home buyers aren’t even sure they can afford a home because of the down payment requirement. The good news is, these days many mortgage options don’t require 20% down. Some mortgages require smaller percentages down, which makes buying a home much more feasible for many people.
Exploring your mortgage options early and understanding their down payment requirements can help you to find a home that you can comfortably afford.
- You should pay attention to more than just the house
If you’ve been in the market for a new home for even a short while, you’ve probably heard the phrase “location, location, location.” It turns out that when you’re buying a house, you need to care about more than just the house. You should also pay close attention to the home’s location, as well as things like the neighborhood, the local school district, the local economy and more.
A home’s location can powerfully impact its desirability, which is something to keep in mind as you’re shopping. If you love a house but you hate the neighborhood it’s in or you’re not confident that the school district will be best for your kids, it’s probably not the right home for you.
- You won’t find the perfect home…
… But you will find something close. It turns out, the perfect house that you’ve always imagined probably doesn’t exist – at least not where you’re looking to buy a house. If you choose to custom build a home, you may come close to getting everything you’ve been hoping for in a house but there will likely still be things here and there that you might wish were different.
Don’t be discouraged by this. Instead, be realistic as you’re shopping for a home. Prioritize the things that you really care about when looking for a home and if you find a place you love that’s not quite perfect, know that it might end up being the one.
- Purchasing a home takes a while
Most first time home buyers are very excited to finally have a place to call their own and they want to move in right away, as soon as they find the house they’ve been looking for. Unfortunately, buying a house takes time – sometimes longer than you might expect.
Going into the home buying process, know that it can take months for all the necessary pieces to fall into place and the sale to be complete. Navigating the sale process will require some patience, but it’s well worth it when the keys are finally handed over and the place is yours.
- There will be a lot of people involved
You’re going to be working with a handful of people during the home buying process. From contractors and home builders (if you’re building a custom home) to bank representatives, realtors, lawyers, inspectors, zoning administrators, appraisers, the sellers, and others, it takes a village to make a home sale happen.
Be aware – and prepared – for coordinating with all of these people throughout the process of purchasing your home.
- There are additional expenses involved with home ownership
A home is likely the largest purchase you’ll make in your life. But after the initial purchase there will be additional expenses that you’ll need to be prepared for. As such, it’s important that you don’t spend every last penny of your savings for the purchase.
From decorating and furnishing a brand new custom home to replacing outdated fixtures and appliances in a previously-owned home, you’ll need resources to spend on making the place your own when you first move in. Plus, you’ll be paying for utilities, insurance, and other related expenses on a monthly basis so you’ll need to be sure you’ve budgeted for that.
Being aware of these 7 things will prepare you and help you on your way to successfully purchasing your home.
Craving more insight as you’re shopping for your home? Check out these 10 important things to consider when in the market for a new home as well.
Ready to Buy Your First Home? Work with Heritage Custom Builders!
If you’re looking to invest in a custom home in Saratoga, Clifton Park, or the surrounding regions of Upstate New York, working with us is a great option! We have dozens of new home models available, and we’ll work closely with you to customize your home so it includes all the key elements you’ve been looking for.
Best of all, our custom homes are competitively priced. If you’ve been wanting to explore the option of building a custom home, now is the time to do so – and we’d love to help!
Give us a call today at (518) 348-0931 or contact us online and take the first step towards becoming a first time home owner! You can also learn more about the process of building a custom home with us here.
Have additional questions about building a custom home? The following resources might help:
Benefits of Buying a Brand New Home – Wondering if a custom home is the right option for you? Get the details about some of the biggest advantages of purchasing a brand new home.
Five Tips for Choosing a Custom Home Builder – Not sure how to find the best home builder for you? This article will point you in the right direction when it comes to finding an experienced and trusted contractor.
Pros and Cons of Building a Custom Home in Saratoga NY – Weighing your options between custom built and pre-owned, but know you want to live in Saratoga? We review some of the advantages and disadvantages of purchasing a custom home in the Saratoga region of Upstate NY.