Money

Why and How to Buy Your First Home

Home sweet home – buying a home is a dream for everybody and you are no different. If you still stay in a rented house, you must think about having your own home. Buy your own home and make your dream true.

Why should you buy a home?

First of all, buying a home is the wisest investment of your life. Staying in a rented house denotes that you are spending hundreds of dollars every month on something that won’t give you back any financial benefit in future. The money you spend towards your house-rent is gone forever. So, why should you spend, rather waste your hard-earned money? Use the money that you spend as monthly house rent, for paying back home loan. Moreover, when you will buy a home, you will be able to deduct the home loan interest from both federal and state income taxes. It will help you save hundreds of dollars every year. In addition to that, over the years, the value of your home is likely to rise. Therefore, you can get good return on your investment over the years.

Online search parameters for you as a first time home buyer

People have become more Internet-savvy than ever before. That is why, most people, who plan to buy a home, start their search online. You can also start your quest for a home through Internet. On the Internet, you will find a huge number of online home listings. Search by the area or locality, which you would like to opt for. You can make a virtual tour of them and sort them through their images. You can also go through the images of the neighborhoods at the time of choosing a home. After you select a house, contact local real estate agent and carry on conversation about buying it.

How long it may take to buy the home

It is always better not to see many houses, as it may confuse you. Make a list of your own criteria and search accordingly. The less is better, when it comes to choosing a home out of many. Don’t take years to choose a home. Execute your home buying decision as soon as you can, provided if you have enough financial capacity to pay back your mortgage loan. If you are serious about buying your own home and if you have the affordability, it may not take more than a couple of weeks to select a home according to your choice, need and budget. Don’t waste much time after searching a home, if you have got one that matches your criteria, go for it.

Be extremely careful about choosing the location and neighborhood

Apart from your budget, choice and need, you must be very mindful about choosing the right location and neighborhood. It is a very important criterion that you must not overlook while buying a home.

Country area or suburban area – The price of a home in such a locality is less, if compared to a home in an urban area. However, a home in a country area is likely to consume much time as you may have to drive a long way to reach your workplace.

Urban area – The home price in this area is undoubtedly high, but you can get all important and essential facilities within your reach. However, urban areas are mostly crowded and susceptible to crimes.

Cul de sac – This could be your number one choice, if you have kids. However, many home buyers don’t like such areas due to less privacy.

Busy street – If noise is not a big issue for you, you can go for a home on a busy street. Homes on the busy streets are less pricey while compared to the homes at a serene locality.

These are basic things that you must consider when choosing and buying your first home. There are many more things that you should also consider. However, for the time being, begin your quest for your dream home, keeping these points in mind.

Author’s Bio: Pam Nelson is a financial writer, who has written and published articles on various websites. She has expertise in writing articles on debt, credit, mortgage, etc. She is an active member of different financial communities.

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