Who is a 1st time home buyer? Anyone can be a 1st time home buyer and there can be a huge range, from a 21 year old buying a studio apartment to a 35 year old couple with double income who bought their dream home! There’s a 51% chance that buyers are 1st time home buyers.
Why are some people waiting longer to purchase homes? People are more mobile, their jobs are moving so they will rent until they get into the point of the job where they’d like to establish some roots.
No matter who is purchasing a home for the 1st time, there are generally 3 essential points that every 1st time home buyer needs to know and be aware of:
- Credit – Your credit has never been put through the test to see what they qualify for or scrutinized at such length as it is when you are going to purchase a home. Working with a great lender helps you work through any possible issues you may have encountered over time, makes the process much smoother.
- Home Ownership – Now as a home owner, there is no phone a friend or rental manager to come and fix your HVAC when your unit goes out or your sink in leaking. There’s insurance, yearly taxes to be paid, etc.
- Are you ready? Don’t buy unless you are 100% ready in your life, with your partner, your job. This is not something that is to be taken lightly and you will not receive a return if you must sell the home immediately after purchase. We recommend staying in a home for at least 3 years prior to selling your property in order to gain a return of some sort on the home.
Want to work with Blake? Give him a call at 704-930-8869