RE/MAX of Greensboro & PartnersRE/MAX of Greensboro & Partners

Triad Real Estate: Greensboro, High Point, Kernersville, Winston Salem

RE/MAX Partners: 336.854.2400
RE/MAX of Greensboro: 336.854.0500
My Account Login | Register
  • Menu
  • Home
  • Search Homes For Sale
  • Home Valuation
  • Meet Our Agents
  • the Blog
  • Join RE/MAX
  • Contact Us

Ready To Buy Your First Home, Here Is Your Quick Checklist

Ready To Buy Your First Home, Here Is Your Quick ChecklistBuying your first home is a major milestone in your life, similar to graduating high school or moving out of your parent’s house.

When you buy a property, you are making a long-term investment decision in your future and potentially taking the first step toward your future financial security.

However, buying a house before you are ready can actually be a negative move that puts a cramp in your plans.

It is important to assess where you are in life, so that you know whether or not it’s the right time to buy a house.

Some people buy their first home at 21, others at 30 and some might continue to rent for the rest of their lives – the decision depends on personal circumstances. But how can you determine for yourself whether you are ready?

You Have All Of  Your Finances In Order

Is your credit score looking healthy? Have you paid off your credit card debt, student loans or personal loans?

If not, it is important to clean up your finances and pay down your debts before you start looking for a home, or you will be adding a mortgage on top of the debt before you are able to handle everything.

You Have Enough Savings For A Down Payment

Just because you can buy a home for as little as 3.5% down payment, doesn’t mean that you should. You will have your dream home, but your mortgage payments will be so high that you won’t have any money left over for repairs or improvements.

Also, you will end up paying thousands of dollars more in interest over the length of the loan. The bigger down payment you can save, creating equity in your home, the better.

You Are Earning Enough To Comfortably Afford The Mortgage Payment

Financial experts recommend that you never take a monthly payment that is more than 25% percent of your take home pay – including taxes and insurance.

Stretching yourself thinner will leave you little room for error and if your income drops for any reason – you will quickly find yourself in hot water.

You Are Happy To Settle In One Place

Could you see yourself settling in this location for the long term, or are you still considering moving elsewhere in the country or living abroad?

Buying a home is a long-term investment, so if you think that you might possibly move somewhere else in the next five years, you might want to think twice about buying a home and rent instead.

These are just a few of the signs that you are ready to purchase your first property. For more information, contact your trusted real estate professional.

Posted in: Homebuyer Tips Tagged: Homebuyer Tips,Personal Finance,First Time Homebuyer

Quick Home Search

Post navigation

« How To Emotionally Detach From Your Home When Selling
Sell A Home, While Managing Your Stress »

My Account Login

Recent Blog Posts

Home Buyer Guide - Winter 2021

Home Buyer Guide - Winter 2021 Are You Thinking About Buying a Home? The process of buying a home can be overwhelming at times, but you don’t need to go through it alone. You may be wondering … Continue reading...

Some Highlights When you’re thinking about buying a home, there are a few key steps to take before you even start to look at houses. From saving for your down payment to getting pre-approved for a … Continue reading...

Earlier this month, the Bureau of Labor Statistics (BLS) released their most recent Jobs Report. The report revealed that the economy lost 140,000 jobs in December. That’s a devastating number and … Continue reading...

If spending more time at home over the past year is making you really think hard about buying a home instead of renting one, you’re not alone. You may be wondering, however, if the dollars and cents … Continue reading...

Search The Blog

Search for:

News, Tips & Advice

  • Around The Home (272)
  • Baby Boomers (2)
  • Buying Myths (13)
  • Chapter 7 Bankruptcy (1)
  • Consumer Tips (1)
  • Credit Scoring (1)
  • Demographics (6)
  • Distressed Properties (9)
  • Down Payments (12)
  • Federal Reserve (29)
  • FHFA (2)
  • Financial Crisis (1)
  • Financial Reports (135)
  • First Time Home Buyers (60)
  • For Buyers (156)
  • For Sellers (147)
  • Foreclosure (1)
  • Foreclosures (10)
  • FSBOs (6)
  • Gen Z (2)
  • Generation X (2)
  • Giving Back (3)
  • Happy Thanksgiving (1)
  • Holidays (5)
  • Home Building Tips (5)
  • Home Buyer Tips (198)
  • Home Buying Tips (1)
  • Home Care (3)
  • Home Decorating (2)
  • Home Financing Tips (4)
  • Home Maintenance (1)
  • Home Mortgage (3)
  • Home Mortgage Tips (134)
  • Home Ownership (2)
  • Home Seller Tips (162)
  • Home Selling Tips (27)
  • Home Tips (1)
  • Home Values (6)
  • Homebuyer Tips (6)
  • Homeowner Tips (7)
  • Housing Analysis (184)
  • Housing Market (18)
  • Housing Market Updates (98)
  • Infographics (40)
  • Interest Rates (47)
  • Investment Properties (1)
  • Just For Fun (2)
  • Luxury Market (2)
  • Market Outlook (148)
  • Millennials (5)
  • Mortagage Tips (5)
  • Mortgage (87)
  • Mortgage Guidelines (19)
  • Mortgage Rates (150)
  • Mortgage Tips (11)
  • Move-Up Buyers (68)
  • New Construction (7)
  • News (74)
  • Personal Finance (26)
  • Pricing (50)
  • Rankings (2)
  • RE/MAX Buyer & Seller Tips (1)
  • RE/MAX of Greensboro (17)
  • Real Estate (309)
  • Real Estate 101 (10)
  • Real Estate Definitions (3)
  • Real Estate Tips (43)
  • Real Estate Trends (2)
  • Rent vs. Buy (10)
  • Selling Myths (11)
  • Selling Your Home (1)
  • Senior Market (2)
  • Short Sales (1)
  • Statistics (2)
  • Taxes (3)
  • The Economy (20)
  • Time-sensitive (7)
  • Uncategorized (6)

Home Buyer Tips

Looking For A Major Lifestyle Change? Consider Buying A ‘Micro’ Home

With the cost of a home on the rise and the concept of being sustainable becoming more popular, many people are considering moving to a smaller home to minimize their impact. It’s important, however, to consider what living small is really like before deciding that it’s the right move for you.

Around The Home

The Basic Home Security Checklist Every Home Needs

Did you realize that only around 17 percent of the homes in the United States have a security system? Leaving your residence unprotected can come back to haunt you in the future.

Home Seller Tips

Selling Your Home FHA? Learn These Tips To Ensure A Smooth Closing

Before an owner can market a property to buyers that want to use a FHA loan, he will want to familiarize himself with the FHA’s standards. FHA won’t insure loans on just any property. While their standards aren’t as stringent as they used to be, a home needs to be in relatively good condition to qualify for FHA financing.

© 2021 · Greensboro Real Estate Inc. dba RE/MAX of Greensboro & RE/MAX Partners

Terms of Use | Privacy Policy | *Affiliated Business Notice

Each Office Independently Owned and Operated.
Greensboro Real Estate Inc Supports Equal Housing Opportunity
*Affiliated Business Notice

Click for the BBB Business Review of this Real Estate in Greensboro NC
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok