First time buying a home? Woohoo! More space, no landlord telling you what to do, room for a new furry friend—we get it. Your first home is a huge milestone, no matter what stage of life you’re in, and Gusty Gulas can help guide you through it.
Before you decide, there’s a lot to consider when it comes to buying your first home.
Maybe you already know this, but buying a home is a smart investment. It takes the pain away from tossing money at rent every month, and if you’re planning on starting a family (or already have one), it gives you more long-term leverage for building assets and wealth.
Determining what you can afford is key—usually a down payment costs zero to 20% of the purchasing price. Gusty Gulas can guide you through federal and state assistance programs that lower costs to first-time homebuyers, as well as leading you to year-end tax breaks which are also enormously helpful.
In addition to a down payment, you need to consider:
- How much money can you pay on a mortgage every month?
- Do you have enough cash to pay monthly insurance, HOA fees, and one-time expenses?
- Are you willing to pay for repairs, maintenance, etc.?
We know—it’s a lot to think about but these factors are important, and the Gusty Gulas Group is here to support you, all the way.
- GETTING READY
- There are a lot of considerations when purchasing your first property, but it’s worth it—trust us!
- MONTHLY INCOME AND COSTS
- You, or you and your partner, will need to do the math for monthly income, expenses, and bills—to make sure you can adequately meet new commitments.
- If you have debt, you’ll need to factor this in as well—it shouldn’t be more than 40% of your income.
- CREDIT SCORE
- Your credit score is an important factor in applying for a mortgage—if it’s too low, you may need to take some time to reconsider, or to strengthen your credit.
- HOMEOWNER’S INSURANCE
- Without homeowner’s insurance, you can’t apply for a mortgage.
- INITIAL COSTS
- You’ll need enough cash for the refundable “earnest money” deposit, the down payment, and any closing costs.
- HOME INSPECTION
- Before you close on your sparkling new digs, you’ll want a home inspector to look everything over—carefully.
- Getting your new home appraised ensures you’re paying a fair price for what you get.
- Gusty Gulas knows it can feel like a lot, but don’t let it intimidate you—we’re here to make the whole process more empowering than imposing.