They say that building a home is one of the most stressful decisions you will make. Unlike the purchase of your first family car, this huge financial commitment will quite obviously be a decision made carefully, to meet all of your expectations and of course stay within budget. There are endless questions to be answered, who is a reputable builder, how much space is necessary, is there a need for a 3rd bathroom, should a basement be finished... the list goes on. The future however is bright; let's take a look at some important facts that will help with your first custom dream home purchase.
What can you afford?
It would be nice to think that the cost of renting will be the same as owning a home, unfortunately we must consider other contributing facts such as property taxes, PMI insurance, down payment, and of course the actual mortgage. Analyze your income, debts, college loans or similar. Combine not just your own, but your partner or family. Remember, a home purchase is a team decision. If you have a reasonably good credit record, but your partner may not, this ultimately will affect chances of acquiring a bank loan. In some situations it might be beneficial to have a financial advisor (unless your education just happens to be in this industry). As a first time home buyer there may be some obstacles on applying for the loan from your bank.
Lets go house shopping!
Once all your numbers are organized and you have a rough idea how much can be spent, the fun part begins... looking for that dream home! Start your research, compare prices, look a various magazines and find a style of home that works for you and your family. Speak with friends and family who have already purchased a home, they may be able to shed valuable advice on how they conducted their own home search.
Many top builders today offer express delivery homes and also offer the option for additional add-ons and upgrades (hardwood floors, trim, appliances etc). Enjoy this time, have fun, and go with your instinct on what's right for you!
A home buying experience is different for everyone, but remember some of these key facts. And enjoy the whole experience Try not to be stressed with any given situation and think about your options wisely. It won't be long until the keys are in your hand!