Ready To Leave Your Rental? First Time Buyers Danbury,CT Area

Becoming a homeowner is a big deal. You have to make sure that you are ready for this long-term financial gamble. Here are some helpful hints to get you started.

-When is your current lease up?: I would recommend starting to look in person about five to six months out before the lease is up. That would allow enough to time to narrow down towns and decide a neighborhood. After that, then the right home. Once an offer is accepted, it takes about two months to do the closing process, which includes inspections and contracts. That might also give you a couple of weeks of overlapping time to do some projects before moving in.

-Do you have enough saved for a down payment and closing costs? Lenders should go over the costs associated with purchasing a home with you. In addition to your down payment amount, the closings costs include your lender fees, legal fees and setting up an escrow account to taxes/insurance.

-Is your credit and employment history strong enough? The lenders that I have had many clients partner with over the years do a careful screening up front before issusing a preapproval or prequalification letter. That way you know you should be OK to proceed once we find the right home. If the lender feels you might not be ready to qualify, they would let you know and guide you on the steps you should take so that you can own a home one day. 

-Will you be in the area for a while? If you are committed that you will be living and working in the area for the next three years, I would recommend owning. You would get tax benefits, better control over your living environment over a rental, and not have to worry about your landlord wanting you out in a year. You also build equity over time. If you not sure, I would recommend keep renting, as there are costs associated with buying and selling a home, and there is no guarantee on the market.

-Do you have the time to maintain a home?: Owning a home does mean if anything breaks or needs to be updated, that is your responsibility.  Some work to maintain the home most buyers should be able to do on their own like mow the grass, shovel the snow, clean the gutters, change filters and paint.  Other maintenance work just has to be hired out, such as electrical, furnaces and plumbing.  You have to decide whether a condominium or townhome is a better choice than a single family home for you.


Are you ready to starting looking at homes in the Danbury,CT area, or would like to just have a friendly chat. Feel free to contact me or text me anytime with your questions.  View properties here. First time buyer inquires welcomed and encouraged.