You’ve decided to take the plunge into homeownership. Buying your first home can be scary, but with some reassurance from your trusted real estate agent, you are sure to find the home of your dreams. Before you make this big decision, there are a number of things you should know as a first time home buyer.
Home buying is a huge financial responsibility that you shouldn’t take lightly. Don’t settle on the first house – or five – that you see. Look at many houses and compare their qualities to find the right home for you and your family. Search online to give yourself an idea of what you can expect to pay. Check the MLS listings in your area or speak with your real estate agent to learn more about getting the best deal on a home.
Buying your first home or even your tenth home is not cheap. Be sure that you make enough money to fully cover your mortgage, as well as any unexpected expenses that may arise along the way. There are many mortgage calculators available online that can provide you with an estimate of how much your monthly mortgage payment will be. For a more realistic estimate, ask your real estate agent if the mortgage payment amount is appropriate for your income level. When searching for homes for sale in Ames, your budget should be a major consideration.
When you purchase a home, there are a number of costs besides the initial mortgage payment to the bank. You’ll also need a down payment. This will often be 20 percent of the cost of the home. All homes also require closing costs, which include origination fees that are charged by the lender, as well as taxes, title and settlement fees, homeowners insurance, and any homeowners’ association fees. Be sure to include these hefty fees within your budget before making a decision on a house.
The economy can play a major role in the price of your home and your ability to get a mortgage at a reasonable rate. Consult with a reputable real estate agent about the current real estate climate in your area. They will be able to give you some insight on whether or not the prices of homes will continue to fall or if they’ve reached rock bottom. Keep this in mind when searching for homes for sale in Ames, as you want to get the best deal possible on your new home.
Built on quality, Furman Realty is dedicated to providing clients with the ability to rent or own homes in Ames, Iowa area. For tips and access to realty listings, go to
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