Tips for First-Time Homebuyers

Are you ready to move past the rental apartment and into a home? As NYC’s best moving company, Shleppers understands that buying your first home can be a stressful experience. So, we’ve compiled a handy list of tips for first-time home buyers to help you avoid the common mistakes that newbies make. 

Before You Start Browsing for Your First Home

We know that browsing Zillow can be as addicting as TikTok. 😉 How can you not enjoy scrolling and daydreaming about your future coastal oasis? Whether it’s moving to Florida or New York City, it’s fun to fantasize about future homes but when you start seriously considering homeownership as your next significant life move, keep a few things in mind.

Save, Save and SAVE 

Down payments can be as little as 3%, but many first-time homeowners regret not saving for a bigger down payment as your initial down payment affects the amount of your mortgage and interest rate. The ideal down payment is 20% of the cost of the home.

Closing costs can be anywhere from 2%-5% of the entire loan amount; often, you can negotiate with the seller to pay a portion, but these fees will still need to be considered when saving for your first home.

Moving-In expenses; you’ll need to have money available for immediate purchases such as appliances, repairs, and furnishings.

What is Your Budget?

Consider current rent and essential expenses vs. income. If you are currently living at the maximum of what you can afford, you’d want your mortgage payment to be less than your current rent.

Unexpected repairs and home improvement projects should be considered in the monthly expenses.

Tips Before Signing on The Dotted Line

A mortgage will probably be one of the most extensive monetary commitments most of us will make. Consider the following steps before taking the financial plunge into your first home loan.

Research the various types of mortgages to determine which will be right for you and your household.

Get a Pre-Approval Letter. This will assure sellers and realtors that you can get a mortgage and showcase how much lenders will allow for your home purchase.

Thoroughly research and consider your mortgage lender. Not all mortgage lenders are created equal, and you should consider shopping around for better quotes.

Shop with a Plan for Home-Owning Bliss

Bring on the open houses and realtor courtship after you’ve done all the prep work and required research but don’t forget to ask these essential questions. 

What are your must-haves? It’s essential to map out what you need and what you can compromise on. 

Do I really need a real estate agent? YES! But like mortgage lenders, real estate agents are not all the same. It’s important to find one that listens to your needs and works on your behalf. 

Is location everything? Consider the neighborhood when shopping, you may find a house with everything you want, but the area is too far from work or isn’t close to schools. Everybody’s ideal location is different, don’t compromise on location.

Shleppers is The Best Home Mover in NYC

We hope that these tips for first-time homebuyers will help you find the perfect place for you and your family. And when it comes time for the big move, Shleppers will be there with you every step of the way!

Give us a call at 800-847-4537 or fill out our FREE quote today!