Purchasing your first home is a thrilling move that can make your life so much better. As a first-time buyer, it's a dream you can achieve, but there are challenges to face in today's housing market. These include not having many homes available to buy and struggling with affordability.
If you're ready to buy your first home, here are three simple tips to make it happen.
Save Money with Programs for First-Time Homebuyers
First-time home buyer programs can help you get a loan without needing to pay a lot of money upfront. This information comes from Bankrate.
“. . . you might qualify for a first-time homebuyer loan or assistance. First-time buyer loans typically have more flexible requirements, such as a lower down payment and credit score. Many help buyers with closing costs and the down payment through grants and low-interest loans.”
To learn more, talk to your state's housing office or visit websites like Down Payment Resource.
Explore more choices by considering Condos and Townhomes.
At the moment, there aren't many houses available for sale for everyone who wants to buy one. This is causing home prices to go up, making it hard for buyers to afford them. One solution to this problem is to think about buying condos or townhomes. Realtor.com talks about this idea.
“For many newbies, it might just be a matter of making a shift toward something they can better afford—like a condo or townhome. These lower-cost homes have historically been a stepping stone for buyers looking for a less expensive alternative to a single-family home.”
One reason they might cost less is because they're usually smaller. But they still let you start owning a home and building up value. That value can help you move into a bigger home later if you want. Hannah Jones, who studies the economy at Realtor.com, explains.
“Condos can help prospective homebuyers who perhaps have a smaller budget, but who are really determined to get a foothold in the market and start to accumulate some equity. It can be a really great entry point.”
Consider Pooling Your Resources To Buy a Multi-Generational Home
Another way to enter the market is by buying a house with family. This means you share the costs like the mortgage and bills, making it more affordable to own a home. According to Money.com:
“Buying a home with another person has some obvious advantages in the mortgage department. With two incomes in the mix, buyers can likely qualify for a larger mortgage — a big help in today’s high-cost market.”
Bottom Line
Exploring options like help for first-time homebuyers, condos, townhomes, and living with different generations can make it simpler to find and buy your first home. When you’re prepared, reach out to us, and we'll be here to help you with all your real estate needs.
For more info and to schedule a meeting, email us at [email protected]
