Buying a first home, whether in the Santa Clarita Valley or not, is both an exciting and humbling time for many people, made easier by being armed with knowledge and being prepared. The decision to buy a first home is a big step, fulfilling part of the American Dream. What can often be forgotten in the excitement of the first time home buying process is that often what a home buyer wants in a home and what a home buyer can afford are two different things. In other words, your first home will likely not be your dream home, often a humbling fact to come to terms with.
Getting pre-qualified for a home loan before starting your search is a key element in buying your first home. Having all of your ducks in a row, knowing your monthly budget and having the necessary paperwork and tax returns is important to ease the process. To fit into your household’s budget a home should not cost more than 30% of your monthly income.
Do not forget about unforeseen expenses. When you locate the home you wish to buy consider what repairs or changes it might need now, or in the near future. If you own your own home you are responsible for the repairs to it, make sure you have money set aside for emergency purposes.
Home ownership goes hand in hand with the American Dream, and it is an exciting time. Being prepared and arming your self with knowledge makes the process easier and eliminates surprises.
Click here to read a recent article from CNBC, “What New Homebuyers Need to Know”.