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Is it time to buy your first home?

Have more questions about buying your first home or Carpenter Realtors after reviewing this? Ask us!

All growed up? Finally ready to make that painful mental transition from "kid" to "adult?" One of the ways to get there is to buy your first home. The largest investment most of us make is in a house. Often, it's the best investment we'll ever make.

As a first-time home  buyer, if you're thinking it might be time to start looking at homes for sale, why don't you review the following points. After you do, if you're ready to make the move to (da-da-da...) adult, give a Carpenter real estate agent a call. They can help you make the transition with as little stress as possible.

1. Decide if you're ready.

Buying a home, especially your first home, can be exciting and scary at the same time. It's both thrilling and nerve-wracking.

But if you're mentally ready to get out of the rental world and into a home you can call your own, let's get started. With your own home, you can make all of your own decisions, from paint colors to remodeling to furnishings to landscaping. No more asking permission from a landlord or checking your lease.

However, with responsibility comes a cost. Paying for all of those decisions you're making? That's coming out of your pocket. But if you're ready to make the jump, let's decide how high you can go!

2. Determine if you're able.

First, understand that in most cases, the amount you're paying for rent each month is often the same amount you might be paying for your own home. For real.

But you'll need to find out if your finances will support your dream. Lenders review your income and current debt to determine the size of mortgage you can afford - the amount you can borrow. Remember also that you'll need cash for a down payment and for closing costs.

Check out our mortgage calculator. into which you type in your income and debts to get an estimate of how much money you can borrow to buy a house. This is just an estimate, a rough idea, of what you can afford - you'll need to talk directly with a professional for an exact number.

3. Get yourself educated.

Before you start house-hunting, decide what you really need in a house and where. How many bedrooms? How large, and what kind of property do you want and can you take care of? In what town, area and neighborhood do you want to live?

Then, a little research will go a long way towards getting you in the door with little stress. Visit the Department of Housing and Urban Development (HUD) web site for home buyers for explaination of many terms you'll run into during the process.

Then, once you start feeling a little confident, call for professional help, a trained, experienced Carpenter agent. It's not required to hire a real estate agent, but the homebuying process is becoming more and more complex every day, with new regulations and requirements. You can find Indiana homes for sale on hundreds of web sites, but do you know what paperwork to submit for an offer?  What about inspections, closings, etc.?  That's where your Carpenter real estate agent creates a big value for you.  Plus, an agent will know the local market. A qualified Carpenter agent will guide you through your search for a home, determining the value of a home you've chosen, assist in presenting an offer and with negotiations and closing.

You've already determined that you can afford a home.  Now you'll want to start looking at mortgages. Shop banks and mortgage companies for their offers and rates.  With so many varieties of home loans available, you'll want to find the one that's right for your circumstance, with terms and requirements that benefit you. Banks and mortgage brokers can help find the loan to fit your needs.

Then, when you know what you can afford and what you want, get your agent busy and start looking at houses for sale. Compare each house and take notes along the way. Neighborhoods will vary, with houses in some areas selling very quickly and with few available, other times sales are slow and there are many in the area for sale. Ask your agent, and be prepared for whichever situation faces you. Once you find a home you want to buy, things can move quickly. But once you're past that, you get the keys to your new home, and you'll be out from under your landlord's thumb and in your own home.

Good luck!

TAGS: First-Time Home Buyers, Buying Your First Home, Carpenter Realtors