After years of setting aside money for a down payment and obtaining a credit rating good enough to lock in decent mortgage rates, the individual is ready to purchase a first home. There are a number of factors that first time home buyers in Kalamazoo MI, need to consider before making any commitment. Here are some examples to keep in mind.
Identifying Needs and Wants
All buyers should take the time to prepare two lists. One list is for all the features and elements that the buyer considers to be essential. This will usually include things like up-to-date plumbing and wiring, a solid foundation, and windows that are in decent shape. A minimum number of bedrooms and bathrooms are a must, along with a fully-functional kitchen.
The second list is for features that would be nice, but that the owner can live without until they can be added later. This could include things like a swimming pool in the back yard, a privacy fence, or a deck along the back of the house.
Room to Grow
First Time Home Buyers in Kalamazoo MI, who are not married yet, or who plan on having children later, would do well to focus on properties with sufficient room for expansion. This means looking beyond what will be fine for now and think of what may be needed five years down the road. For example, that beautiful two-bedroom bungalow is great for now, but what would happen once a couple of kids are part of the family? If the property is large enough and the house is designed so that adding a room or two will not be difficult, then the home is worth considering.
An Affordable Home
The prospective homeowner should focus on properties that are within a certain price range. One way to keep the price within reason is to pre-qualify with a lender for a mortgage of up to a certain amount. Doing so will ensure that the buyer does not waste time looking at properties that are outside a comfortable price range.
For help with home financing, contact us today. It will not take long to obtain the loan and be ready to move into that first home.