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Strategic Tips for Buying Your First Home

Posted by Corinne McCombs on February 20, 2024
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Purchasing your initial home is a significant and thrilling stride, representing a major milestone that can positively impact your life. As a first-time homebuyer, realizing this dream is within reach, but there are certain obstacles to navigate in today’s real estate market, notably the restricted availability of homes for sale and persistent affordability challenges.

If you are prepared, eager, and financially capable of making your inaugural home purchase, here are three suggestions to assist you in transforming your dream into a reality.

Save Money with First-Time Homebuyer Programs                                       

Meeting the initial financial obligations of homeownership, such as the down payment and closing costs, may seem a bit challenging. However, numerous assistance programs cater to first-time homebuyers, offering opportunities to secure a loan with minimal or no upfront costs.  According to Bankrate:

“. . . you might qualify for a first-time homebuyer loan or assistance. First-time buyer loans typically have more flexible requirements, such as a lower down payment and credit score. Many help buyers with closing costs and the down payment through grants and low-interest loans.

For additional information, consider reaching out to your state’s housing authority or exploring resources like Down Payment Resource.

Expand Your Options by Looking at Condos and Townhomes

At present, the housing market faces a shortage of available homes, causing a surge in home prices and presenting challenges in terms of affordability for potential buyers. To navigate this situation and secure a home promptly, considering condos and townhomes is a viable option.  Realtor.com explains:

For many newbies, it might just be a matter of making a shift toward something they can better afford—like a condo or townhome. These lower-cost homes have historically been a stepping stone for buyers looking for a less expensive alternative to a single-family home.”

One contributing factor to their affordability is often their smaller size. Nevertheless, they provide an opportunity to enter the homeownership realm, allowing individuals to achieve their goal of owning a home and building equity. This accumulated equity can then serve as a catalyst for transitioning into a larger home in the future if the need for more space arises.

Hannah Jones, Senior Economic Analyst at Realtor.com, says:

Condos can help prospective homebuyers who perhaps have a smaller budget, but who are really determined to get a foothold in the market and start to accumulate some equity. It can be a really great entry point.”

Consider Pooling Your Resources To Buy a Multi-Generational Home

Another way to break into the market is by purchasing a home with friends or loved ones. That way you can split the cost of things like the mortgage and bills, to make it easier to afford a home. According to Money.com:

“Buying a home with another person has some obvious advantages in the mortgage department. With two incomes in the mix, buyers can likely qualify for a larger mortgage — a big help in today’s high-cost market.

Bottom Line

By exploring first-time homebuyer assistance, condos, townhomes, and multi-generational living, it can be easier to find and buy your first home. When you’re ready, let’s connect.

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