First-time Homebuyers
Foreclosures, low interest rates, and a tax credit…oh my! How the housing market has changed since the bubble burst. While economists say that first-time home buyers are positioned to be the “winners” of this recession, it’s important to make wise financial decisions when buying your first home. Read on for some tips.
7 Tips for First-time Homebuyers
- Old fashioned basics are more important than ever. Remember what got us into this mess. The safest way to buy a home—whether you’re a first time homebuyer or seasoned investor– is to put down 20% on a 30 year fixed rate loan.
- Don’t be over-confident about your income growth. While most first time buyers in their 20s and 30s will probably see their incomes grow, it’s important to be wise when borrowing.
- Thinking about kids? Factor that into your finances. Make sure that you could live on just one income, because having both parents work may turn out to be impractical.
- Consider all home-related expenses. A lot more cash goes into your home then just the mortgage payment. Calculate property taxes, HOAs (if required), home insurance, as well as maintenance and upkeep into your expenses.
- Can’t afford your dream home? Opt for a starter home. Then save money each month for what you really want.
- Consider a property that can be expanded and improved. Make your modifications down the road when your finances allow it.
Interested in Buying a Home or Condo in Coronado, CA or Greater San Diego?
You’ve come to the right place, because we’re buyer specialists. Contact us for a free first-time homebuyer consultation. Or, Search the MLS for the largest inventory of Coronado, CA and greater San Diego real estate for sale. Get property details, photos, and other great info emailed straight to your inbox as soon as a property gets listed in the MLS with our automatic email updates. It takes just a minute to sign up, and you’ll get notified of new Coronado, CA and Greater San Diego listings before most agents know they exist!
