The home buying process is renown for being overwhelming and perplexing. If it's your first time, this is especially true.
So we decided to put together a list of tips and things to consider before buying or building a home. Hopefully this helps remove at least a little of the frenzy ;)
BE VERY CLEAR ON WHAT YOU CAN AFFORD
Know what kind of monthly payment you can afford before you even start shopping.
List out all monthly expenses, not just bills, but anything you spend money on -- groceries, gas, eating out, shopping, entertainment, etc.
Be sure to factor in monthly projected utility costs in your new home, too.
Something for you to consider: if you go for an eco-friendly home, you could reduce your power bill to zero. That's smart, long-term thinking.
A good rule of thumb is not to take on a mortgage payment any larger than 30% of your income. Just because a bank approves you for a certain amount does not mean you should spend that much.
DON'T SPEND ALL OF YOUR MONEY ON A DOWN PAYMENT
As a homeowner, emergency savings become more important than ever.
If your plumbing unexpectedly fails, that's on you, not a landlord, to get fixed.
Water leaks. roof damage. and other unexpected expenses outside of the home like a car repair or medical procedure could happen out of the blue.
You should have a minimum of three months of living expenses still in your bank account after purchasing your home.
If your down payment is going to leave you with $1,000 or less, definitely wait until you have more money saved. The most "perfect" home can become a burden in no time if you impulse buy.
CONSIDER MAKING YOUR FIRST HOME AN INVESTMENT
Many first-time home buyers don't think about the option of having their first home actually make them money.
But your first home can double as an investment property, too!
The HAVEN Nest, for example, is designed to be a single family home which offers a separate all-contained living area that doubles as a short-term Airbnb style rental. This offers the coziness of your own ultra-modern home to live in with all the privacy of a normal home, except it's fattening your wallet instead of draining it. #smartthinking right?
Not to mention - experts predict prefab modular homes will continue to rise in popularity, opening the potential for a profit if you ever decided to sell.
As third generation builders, we've devoted time and careful attention to designing not only homes that make life better, but we've also designed one of the simplest home-buying processes on the market.
Unlike any other company we know, we offer the option of including land with your home.
But it doesn't stop there - your new modern prefab home can even be outfitted with sleek interior decor that fits your style to a T prior to you moving in!
Read more about HAVEN's All-Inclusive Land + Home + Furniture Package.
Hopefully these tips have been a little food for thought. Get in touch with us if you have any questions or want to chat about making your first home a HAVEN.