Browse All Recipes

Like on Facebook

Daily Newsletter

EBook - Buy One Get One!

HomeTipsEbook

iTunes | Stagetecture Radio

Ronique Gibson - Stagetecture.com | Blog Talk Radio Feed

Most Recent Posts

  • Summer Dessert Recipe: French Macaron Cookies Recipe
    Summer Dessert Recipe: French Macaron Cookies Recipe
  • Family Travel: How to Vacation with a Toddler
  • Pan Seared Chicken Breast With Herbs & Potato Hash
  • How to Use Repurposed Materials to Improve your Decor
  • Travel Tips: What to Pack for a Hiking Trip
Posted by

Guest Blogger: Essential Tips for First-Time Home Buyers

Guest Blogger #934, Entry #2312, April 18, 2013

So you’re a first-time home buyer looking for tips, some dos and don’ts perhaps, to help you navigate your way across some pretty unfamiliar territory. No problem. The Internet is stuffed full of tips. The biggest problem you’ll likely encounter is deciding how many you want…10 tips, six tips, five tips, three? You get the picture. Then there’s that other problem – whether or not to trust the information source in the first place.

exterior home landscaping ideas

Helpful tips for first-time homebuyers

Image via: Dave Hubler Photography

Therefore, a good start has to be Microsoft, with its excellent real estate channel. The article ’7 tips for first-time home buyers’ is worth reading carefully, not least because the information is provided by the highly trusted Bankrate, Inc., the Web’s leading aggregator of financial data.

Through its flagship website, Bankrate.com, the company provides free rate information to consumers on more than 300 financial products, from mortgage loans to credit cards, new and used automobile loans, money market accounts, certificates of deposit, checking and ATM fees, home equity loans and online banking fees.

Compare other homes for sale in the area:

The first tip suggested is so obvious you might not even have considered it. But don’t worry too much about that. You’re a novice after all! Do a check on the selling prices of similar homes in your area through any of the gazillion websites likely thrown up by a Google, Yahoo or a Bing search.

Consider what you can afford. Common sense, right? There are many online mortgage calculators which will give you some kind of idea of the monthly repayments involved. But use the calculator along with MSN Real Estate’s home affordability calculator, to add in additional costs such as taxes and home insurance. So that’s tip two and three.

home exterior rustic log cabin idea

First-time homebuyer information to help you pick the right home

Image via: Lands End Development – Designers & Builders

Determine how much you’ll spend in closing costs:

The fourth tip suggests finding out how much you’ll likely pay in closing costs such as origination fees charged by the lender and title and settlement fees. Tip number five suggests looking at your budget and determining how a house may or may not fit into it. Fannie Mae recommends you spend no more than 28% of your income on housing costs.

The last two tips recommend talking to real estate agents in the area to gauge the local climate, and considering the bigger picture.

Bankrate adds, “While buying a house is a great way to build wealth, maintaining your investment can be labour-intensive and expensive. When unexpected costs for new appliances, roof repairs and plumbing problems crop up, there’s no landlord to turn to, and these costs can drain your bank account.”

first time home buyer tips

Do your homework before buying your first home

Image via: David Whelan

That’s seven good tips to get you thinking. Meanwhile, Forbes have a few more worth considering including advising first-time home buyers to cough up a good 20% down payment in order to immediately add equity to the house and lower monthly payments.

Be realistic about costs, says Morgan Brennan at Forbes. However much you make, don’t shop for a home that will gobble up most of your income each month. In addition to mortgage and principal payments, buying a home means paying for insurance, maintenance and real estate taxes.

Don’t cut corners with home inspections:

And finally, don’t cut corners on inspections. Always cough up the extra cash for a good home inspection, especially if you’re buying a foreclosed home.

So there you have it. As you can see, there is no shortage of high-quality tips for first-time home buyers providing you know where to look. Although moving is never easy, you can at least reduce some of the stress by conducting a little research before taking that first exciting step.

For more home buying & selling tips on Stagetecture, click here.

Related Posts with Thumbnails

Receive Stagetecture's Daily Lifestyle Ideas

FREE - Daily emails with recipes, home decor, D.I.Y, and lifestyle tips! : ) Who doesn't need help?

0 0 4304 18 April, 2013 Guest Blog, Moving April 18, 2013

About the author

View all articles by Ronique

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Stagetecture Favorites

  • Guest Blogger: Decorating your Home with Feng Shui Basics
    Guest Blogger: Decorating your Home with Feng Shui Basics
  • Guest Blogger: How to Decorate your Industrial Loft
  • Guest Blogger: How to Creatively Decorate with Instruments
  • Guest Blogger: 5 Benefits to Investing in a Conservatory
  • Guest Blogger – Inside Secrets: Painting Tips from the Pros
  • Guest Blogger: How To Effectively Allergy Proof Your Home
  • 10 Top Tips for Getting your Garden Ready for Autumn

Join Me

Search

About Me

Stagetecture combines my passions - architecture, home staging, organization, food recipes, decor, and everything home! Poke around, stay awhile, there's something here for you!

-Ronique Gibson, Assoc. AIA, LEED AP

Ronique's Full Profile

 Meet Stagetecture Contributors  

My Writing Services

Writing Services
BlogTourLA_Stagetecture

Pinterest Favorites

  • Guest Blogger: How to Accurately Calculate your Home’s Content Value
    Guest Blogger: How to Accurately Calculate your Home’s Content Value
  • Guest Blogger: Should You Repair or Replace a Leaking Skylight?
  • Guest Blogger: How to Create the Ideal Eco-Friendly Home
  • Everyday Centerpiece Ideas for your Dining Room Table
  • How to Use your Vacation Sea Shells in your Home Interiors
  • How to Reuse & Recycle Fruits &Veggie Scraps from the Kitchen
  • Guest Blogger: How to Make A Small Bathroom Look Larger