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Tips for First-Time Homebuyers

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A Family Standing In Front of a New House
Congrats! You’ve decided to take the leap into homeownership. Buying a home can be overwhelming when you’re looking at many homes for sale in new mexico and trying to decide what is best for you. There is a lot to know about looking for and purchasing your first home. Use these first-time homebuyer’s tips when looking for your first home.

Check your credit score – Mortgage lenders use your credit score to determine how much you qualify for and your interest rate. Your credit score is based off of your debt-to-income ratio. It’s important to check your credit score and correct anything that is not accurate. You should also hold off on buying a car or making other big purchases and try to pay off as much of your debts as possible to keep your credit score high.

How much can you afford? – Buying your first home shouldn’t send you to the poor house. Get pre-approved for a home loan to determine how much you can afford. Once you are pre-approved you should also figure out what you are comfortable spending on a monthly basis. Just because you’ve been approved for a certain amount doesn’t mean you have to spend that amount.

Assess your wants and needs – Purchasing your first home will be emotional. But it is important to take the emotion out of this process. Make a list to access what you truly must have and would like to have in your first home. Remember, appliances, fixtures and paint color can change but your floor plan cannot. Select a home and layout that works for your family’s lifestyle. Take notes on each home and cross off homes that do not meet your criteria and standards.

Figure out your long-term strategy – Do you have kids, will your in-laws be moving in or will you be expanding your family? If yes, you most likely would want a house in a good school district and large enough to accommodate your family’s growth or changing needs. When searching for your first home you should think not only about the present but also the future so that you aren’t forced to move a couple of years after moving into your new home because you didn’t plan accordingly.

Take photos – Though you may be able to access pictures of the homes online, it is a good idea to take photos of each home you tour in order to remember details about it that may otherwise be forgotten and you can evaluate your final choices.

Extra costs – Whether you’re currently leasing or living with a friend or relative, you probably are only responsible for your monthly rent and renter’s insurance. Buying a home comes with a lot more costs. It’s important to account for closing costs, HOA fees, homeowner’s insurance, property taxes and utilities. You want to make sure you have accounted and budgeted for these items when purchasing a home.

Don’t forget to have fun! There’s a lot to know but purchasing your first home is exciting. French Brothers has a variety of homes for sale in new mexico to meet the needs and wants of your family. Give us a call today at 575-415-3324 so that we can help you find the right community and home of your dreams.

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