If you’re a first-time buyer looking for a home for sale in Lakewood or Long Beach, you can use these three first-time buyer tips to help you on your search - and ultimately, in buying a home.
3 First-Time Buyer Tips You Can Really Use
Fix your credit and start saving money as soon as you can
Shop for homes you’ll need 5 years from now, not just today
Be realistic about what you can afford
Let’s take a closer look at each.
#1. Fix your credit and start saving money as soon as you can.
The better your credit score is, the more likely you are to get favorable terms on a loan - and if you can muster a good-sized down payment, even better. Get a copy of your credit report or use a credit monitoring service, like Credit Karma, to figure out what your overall financial picture looks like.
#2. Shop for homes you’ll need 5 years from now, not just today.
When you buy a home, you’ll probably stay in it for at least 5 years - and the last thing you want to do is outgrow it or discover that you have too much space. Don’t shop for what you need today (although that’s fine if you’re car-shopping or apartment-hunting). Instead, shop for what you’ll need 5 years from today. That way, you can buy something you won’t feel pressured to sell before you can really build equity and make a profit on a sale.
#3. Be realistic about what you can afford.
What your lender says you can afford and what you want to pay are two different things. Even if you’re approved for $550,000, for example, you don’t have to spend that much on a home. If a home that’s listed for $400,000 will meet your needs (today and 5 years from now, remember?), think of it this way: Your monthly payments will be lower and you won’t be under as much pressure to build equity in the house.
Are You Buying or Selling a Home in Lakewood or Long Beach?
If you’re buying or selling a home in Lakewood or Long Beach, we can help. Call us at 562-882-1581 to find out how!
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