Essential 2024 Tips for a First Time Home Buyer

When you’re thinking about diving into the wild world of homeownership, there are things to look at before you buy. Think about buying a house from baby boomers (people born between 1946 and 1964). They might be looking to sell their property quickly. You could get it at a reasonable price because they’re moving for retirement. These houses might be a little older, but they’re also usually larger in good neighborhoods.

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Prices for home insurance can vary, depending on where you live. Because of things like natural disasters, home insurance might be more expensive than before. You don’t want to find out later that you can’t afford the insurance for the home you want. So, get quotes early on.

The interest rate on your mortgage might go up before you buy. Talk to your lender about what that means and how it could affect you. It’s a good idea to find a property that costs at least 10% less than the money the bank says you can borrow. This way, you’ll have extra money to cover taxes and insurance. They can go up after you buy it.

Don’t buy a property without seeing it first. Some people who bought houses during the pandemic without seeing them in person had problems with them later. Before you hire a buyer’s agent, talk to them about how they get paid. Usually, the seller pays the buyer’s agent, but this isn’t always the case. If you’re a first time home buyer, watch this video.

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