Ignite FB Tracking PixelA Guide for First Time Home Buyers - Irene Roger

A Guide for First Time Home Buyers

by Irene Roger 07/05/2018

For the generation that grew up at the height of the subprime mortgage crisis, buying a home is a scary concept. Many young people in the 18-34 age range are dealing with high rent, a poor job market, unpaid internships, and student loans the size of a home loan. Yet, others are finding their footing and realizing that owning a home is advantageous in the long run. If you're thinking of delving into the world of home ownership for the first time here's a crash course in Home Buying 101.

Figure out your finances

You should be an expert at you and your significant other's personal finances if you are thinking about buying a home. The first thing to look at is your income and expenditures. Put the following information in a spreadsheet:
  • Total monthly income
  • Total monthly expenditures (bills, gas, food, etc.)
  • Total monthly savings
  • Total savings and assets
  • Credit and FICO score (request both of these online)
When crunching these numbers you should (hopefully) find that your income is higher than your expenditures and your savings should account for most of the difference. If your savings is lower than it should be, you either missed something on the expenditures list or you are spending more than you should be if you want to buy a home. Down Payments Down payments on a home, post-financial crisis, range from anywhere between 0-25 percent of the price of the home, 20 being the median. A down payment ideally shouldn't break your savings in case you have any unforeseen expenses once you buy your home. Moving is time-consuming and can be pricey, so you'll need to account for this in your finances.

Lock Down Your Financing

There are several types of mortgages that you'll need to choose from, and you'll want to learn about fixed and adjustable mortgage rates. This information should be informed by your long-term plans. Are you looking for your first home or your forever home? If you don't plan on fully paying off the home you might look for a low, adjustable rate while you earn money. But if you want to stay in your home until it's paid off, a fixed rate might be better for you.

Finding and buying your home

Once you've determined your price range, start thinking about things like location and the kind of home you can afford. If you're handy with tools and have the time, it might be in your best interest to buy a home than needs some work at a lower cost. If you'd rather put in more hours at work, go with the home that needs less work and save money that way. Depending on whether or not you're in a buyer's market or a seller's market, the ball can be in your court or the seller's. In a seller's market, which is more likely today in many parts of the country, the seller will have more leverage in negotiations, including closing dates and move-out dates. Due to high competition, you should also be prepared to miss out on some offers. But be patient, and you should find the home you're looking for.  

About the Author

Author
Irene Roger

Hi, I'm Irene Roger and I'd love to assist you. Whether you're in the research phase at the beginning of your real estate search or you know exactly what you're looking for, you'll benefit from having a real estate professional by your side. 

As a Spanish-speaking realtor with over 30 years of experience in the Atlanta area,  I am the ideal person to market your home and assist you with finding the home of your dreams. I have lived all over the world and work with costumers from all backgrounds.  

I specialize in relocations, first time buyers, tenants, and investors.

My experience, honesty, and integrity are great assets to you. 

My past clients feel the same way about me too. Here's what they had to say.

Michelle Doherty - Irene is very knowledgeable due to her many years living in the area and doing business. She worked hard for me and my family and I know she will do so for others. Another thing I found out about her is that she speaks Spanish fluently! Irene responds quickly and likes to negotiate. 

  

dinasnyder4- Over the years we have bought 2 homes and sold one with Irene. She is such a wealth of information and she is a top negotiator. I was always glad she was on our side. I would never go through the process without her! 

Olga Cadena - I highly recommend Irene, Excellent agent. Very professional and knows the area very well!!! She is available, and very flexible. Thank you Irene for making my selling the process very easy!