5 Things to Know Before Buying Your First House

In the United States during 2021 first-time home buyers made up over 30% of buyers.

Buying your first house is a big step in becoming independent and capturing part of the American Dream. Homeownership helps increase wealth, financial stability, and quality of life. For anyone who is thinking of buying their first house, there are a few things they should know.

Here are five things everyone should know before buying a house for the first time:

1. Mortgage vs Rent

One thing that a lot of people don’t realize is that a home loan is often cheaper than paying rent. Despite how high housing prices have become, rent has far outstripped it in terms of growth. If you buy a house you can expect that even with homeowners insurance, mortgage insurance, and other fees you will pay less.

2. Don’t Rush

The housing market goes up and down, don’t rush to purchase the first house you see that you like. Take time, watch the trends in your area and listen to the advice of a trusted realtor. With inflation going up and interest rates increasing, there’s even more time to make an informed decision.

Home buying isn’t a race, make sure you’re happy with the home that you choose. Buying your first house can be a long, complicated process.

3. Make Compromises

Whether you’re alone in purchasing a home, or doing it with your significant other, prepare for compromises. No house will be perfect in every way, they will all require you to make some sacrifices. Don’t be afraid of compromise, look for the opportunities it could bring to you later.

4. Financial Surprises

Unlike renting, where a landlord has to cover all the expenses, as a homeowner that’s all on you. Be prepared for things to come up unexpectedly, and be aware that it will put emotional and physical stress on you. The more prepared you are, the less that stress will invade your life, but it is unavoidable.

Don’t make one of the most common homebuyer mistakes and not plan for financial hardship.

5. Buy for the Future

When you purchase a house, don’t just buy a house that is perfect for your current lifestyle. Over time that lifestyle will change, as you welcome more members to your family, or lose members. Whatever happens, the home will remain and needs to be able to accommodate the changes in your life.

Some people will warn you against buying a home, that renting has advantages as well. If you’re interested in that debate you can learn more.

Buying Your First House

While it can be time-consuming and difficult, there’s no better time to start house shopping than now. If you want to have something you can call your own or a place where you can begin to grow your family, buying your first house is the perfect way to start.

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