First Time Home Buyer

Mortgage and Lending with JB Mortgage Capital, Inc. NMLS# 247447

Are you planning to buy your first home? If yes, you will definitely find the following pieces of advice useful. My experience has taught me many interesting things about buying a home, especially our first one!

The Home Buying Process:

Buying your first home will be a big move. Your decision should be rewarding all the time. In simpler terms, you must "invest" in a home. Properties are intangible assets. You can build a life, share memories and grow with one another.

During the process you'll hear lots of things and it's important to not get overwhelmed. Things like conforming loan limits in California for 2021 and fixed rate vs adjustable rate. Take your time to learn the things you need to learn and work with industry professionals who can help.

When you decide to invest your hard earned money on a property with great returns, you are definitely venturing into a wealth generating engine. Just like how you bond with your partner, family and friends – you must have a connection with your home. The home should be in a city and more importantly in a neighborhood that is appealing to your family and you.

Type Of Home To Choose:

When you pick a property with shared concepts, like a townhome or a condominium, you must be prepared to live with many additional expenses. For example, you should be prepared to pay maintenance. And, you should be ready to repair things like the water heater, furnace and other necessary items. When you buy a property all these extras should be taken into consideration.

In some cases, you must have a reserve of funds to handle unplanned expenditures too. When you own a Condominium you'll have HOA dues (Home Owners Association). The HOA assessments will fund common repars and improvements to the development. This could be for anything like improving aesthetic factors and even installing safety features.

By reading the HOA book, you will be able to decide how much you are expected to invest on taxes, interest and principal. To be more precise, you will have a clear idea on how much you can actually afford. All of the calculations should be based on what would go from your pocket.

For example, improvements, emergency requirements and periodic maintenance should be funded from your pocket. When you set all your money for down payment, how will you manage these? This is why you should think twice, and set up your new mortgage carefully. 

A Single Family Home:

Buying a single family home is a great idea. With a Single Family Residence (SFR) you don't have HOA dues but all of the maintenance and repairs falls on to you. So there is a greater responsibility to you the homeowner when you own a SFR. To help you with home improvements and maintenance, talk to the experts. A true professional will help you understand that what you invest into a property is what you get from it.


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