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Getting ready to buy your first home?

Weve received numerous calls from new home buyers who are eager to get started with owning a new home. After asking a few questions, it becomes clear they might be leasing for a bit longer. Why is that? It is because they had basically no savings.

What most first time home buyers dont realize is the amount of money needed to get into a home. Even if you can get a home loan with no or a low down payment, there are still some costs associated with the purchase.

Read our Home Buyers Guide

how to save for your first new home purchase

Home buying costs many don’t think about

The down payment can vary from 0 down to 20%. Hiring a home inspector, possibly paying for a survey and POA transfer fees. Finally, there are prepaid items that can not be paid by the seller like home owners insurance and property taxes.

Saving for a new home purchase

Best way to save for a down payment on a new home is to make a savings plan and force yourself to follow the plan.

“Savings, however, are incredibly important, especially if you are looking to someday buy a house or get an investment property loan.RealtyTrac recently reportedthat the average American down payment was around 15% in 2015. With the median sales price for a househovering around $250,000, house buyersmay need to save $40,000 or moreto buy a house. Even low down mortgageslike anFHA loan can cost you 3.5% plus closing costs, requiring $10,000 or more.” ~ Brandon Turner

Read Details of Purchasing a New Home

Here are a few more tips to get you on your way to home ownership.

https://www.forbes.com/sites/brandonturner/2016/09/06/how-to-save-for-a-real-estate-down-payment-20-financial-experts-share-their-top-tips/

from Realtor.com, By Cathie Ericson | Jan 3, 2018

The house-buying process can seem endless: Attending open houses. Separating your must-haves from nice-to-haves. Identifying your (sort of) dream home. Making an offer. Negotiating the final price. So when you get to inspection day, its tempting to heave a huge sigh of relief now that your work is basically done.

But not so fast. The home inspection is one of the most crucial stepsfor buying a home, and it shouldn’t be overlooked or rushed. In fact, the inspection processhas the potential to bejust as nerve-racking for the buyer as it is for the seller. What if you’ve fallen in love with a beautiful home that has major problems lurking beneath the surface?

That’s why it’s extremely important to pay attention during this (sometimes confusing) process, and take steps toavoid common pitfalls.How can you possibly screw it up? We’re here to tell you. Avoid these mistakes when you get an inspection on your dream home.

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What Kind of Questions Should I Ask Before Buying a Home?

hoovebloghomebuying

A reader asks: “We are very new to the homebuying process and have been going to open houses on the weekends. When the agents ask if we have questions, we figure we’re supposed to ask something, but what? What kind of questions should we ask before buying a home? What do we need to know before we buy a house?”

10 Steps to getting ready for new home purchase

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10 Steps to Buying a Home

The home buying process can seem like a long race with a lot of hurdles. Like any race it is important to train before the event and get in the best shape possible to go the distance.

This article is part one of multipart series that will enable the first time home buyer or experienced home owner to strategize the race to be in the best condition when they start the race and finish strong. Each topic will be covered in detail in later posts, but like any race you have to strategize your race in stages.

Here is how to start your home purchase

1 – Buy vs. Rent You need to decide whether home ownership is for you. It is not for everyones lifestyle nor does it make financial sense for everyone. There is a variety of online information to help you understand if it financially makes sense for you from places like the Houston Association or Realtors, The Texas Association of Realtors, the National Association of Realtors, mortgage companies and other sources. Keep in mind it is a race with both financial and lifestyle elements.

Tips for Purchase Home & Land in Montgomery County Texas