Mar 9

Mar 9 First Time House Hunting

My colleague Joel dished out some great advice on homebuying in our previous blog entry and I will no doubt heed his guidance. I’m currently searching for a house with plans to purchase by early fall at the latest. This is a first-time experience for me. While Joel reflected on his past venture as a first home buyer, I’d like to share a few points from the perspective of a first-timer.

Finances: It took awhile to come to terms with the amount of money I could reasonably afford for a house. I now have a set number in my head, with a tiny bit of wiggle room. Contemplating a monthly mortgage, I am also taking into consideration the down payment, closing costs, and taxes (going into the process, I had no idea how much money all of this would be).

Location: I’m pretty picky about where I’ll live. Nearby restaurants, activities, good schools are all a must. I've never given school districts too much thought until I started house hunting. A neighborhood centrally located between my work and my wife's work would be ideal.

Patience: This should probably be the first point. I feel like the walls of my apartment are closing in on me by the day. I've found that once I made the decision to buy a house, finding and buying a house becomes a very urgent process. Patience is definitely key. This is the biggest purchase most people make, so why rush into it? The spring buying season is almost here, so I’m anticipating the barrenness of winter house hunting coming to an end.

Compromise: When considering a house, some things are more important to me than my wife and vice versa. I've accepted that an updated kitchen is a must and she’s bending a bit on location. It’s definitely a give and take. I’d think it’s pretty rare for two people to be completely compatible, so I’d advise to lay-out your must haves from the start and embrace a few happy mediums.

If you're in the process of house hunting or want to be soon, register for our homebuying seminar to learn what you need to know from our mortgage experts.

And, if you're already in the process of searching for your dream home, I’d like to hear how it’s coming along. Tell us below!