Tips for First Time Buyers

firstTimeBuyerYesterday we discussed a couple of tips sellers should be aware of when trying to sell their home.  Today we’ll be looking at the other party involved in a home sale transaction: the buyer.  First-time buyers exploring the many Fort Lauderdale homes for sale have a wealth of options, and it’s easy to make mistakes when you’re eager to become a homeowner.  Let’s discuss a few things to keep in mind.

Make sure that the home you’re planning to buy is a long term investment.  In other words, if you’re planning on moving soon then it may not be the right time to buy, even if buying is a wiser option than renting since it builds equity.  Not every neighborhood has a strong rental market, and you’ll need a way to cover the monthly mortgage payments if you move, it’s wiser to hold off until you’re ready to settle down for the long term.

Have a set budget in mind before you start searching for homes.  You’re going to find many homes and condos throughout Fort Lauderdale that will grab your attention for one reason or another, and this may sway you to spend several thousand dollars more than you originally intended.  Remember the adage of saving for a rainy day?  You have to remember that your circumstances could change such as experiencing a job loss.  Getting pre-approved for a mortgage will help tremendously in determining what budget you should stick to.

Remember that the price of the home is only part of the costs involved in homeownership.  Property taxes, utilities, all of these are additional costs that you’ll need to consider on top of your monthly mortgage payments.

These home buying tips are provided to you by Fort Lauderdale Realtors the Lotus Sisters. Call 954-205-5676 for any buying questions or to get started with exploring the homes and condos in the country’s “Venice of America”.