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Exciting. Intimidating. Nausea inducing. The prospect of buying your first home can be all of these things and more. Sometimes all at the same time, TBH. While there are countless
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out there, there’s something comforting about hearing from someone who’s done it before and can give you some sage advice.
That’s why we asked real people to share their advice for first-time homebuyers. See what they had to say below, and
Avoid “hard hits” to your credit score. Don’t apply for any new credit cards or loans leading up to buying a home. When you apply for a new credit card, lenders will check your credit score with what’s called a “hard inquiry.” Hard inquiries could lower your credit score and limit how much money you can get preapproved for. Don’t let bad timing be the thing that gets in the way of you buying your dream home!
Get a preapproval, but don’t feel like you have to spend the full amount. It’s a great feeling when you get
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for a hefty sum, but make sure your mortgage payments will be manageable along with other expenses (like all those cute midcentury modern furnishings you’ve been saving on Pinterest). If you’re purchasing your first home with a partner, consider buying something you can afford on just one of your salaries.
Ask questions, and definitely get a home inspection. When you tour a house, don’t be afraid to get up into every nook and cranny. Ask how old the roof, water heater and any other big-ticket items are. Then, make sure it’s as good as you think it is with a home inspection. The home inspection will likely cost $300 – $400, but this is the biggest purchase you’ll ever make, so it’s worth it to get it right.
When you move into a new house…
Unpack the essentials. Worry about the rest later. Moving is exhausting, so do yourself a favor and just focus on the basics. Pack an overnight bag with essentials for the first few days, and on moving day, prioritize setting up your bed. After a long day of hauling heavy boxes into your new home, it’ll feel so good to plop down on your bed for a good night’s sleep.
A quick paint job can work wonders. Paint is a relatively affordable way to refresh a room and make it your own. If you know you need to paint (what was the previous owner thinking with those red walls, anyway?), get it done right away before you unpack any of your furniture. It’s much easier to paint with all your stuff packed away and protected from any paint splatters.
There’s no need to get everything done right away. When you first arrive, you’ll have a lot of home improvements in mind, but don’t rush. Identify a few priority projects to accomplish in the first year, and then add to your list over time. You may find that your wants and needs change as you live in your space over time, so keep your options open.
Once you’re settled in…
Get to know your neighbors. You don’t need to become BFFs, but it doesn’t hurt to be friendly with the people around you. Plus, your neighbors may be able to recommend good maintenance and repair services in your area. You can also help each other out by watching over each other’s houses when you’re gone.
Start setting aside money for home improvements and repairs. Set up an
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, even just $10 a month, for a home improvement fund. Then, when you need to cover an unexpected home repair (which you inevitably will), you’ll have a nest egg you can dip into. Another easy way to save is to put a jar in your kitchen or entryway for loose change and small bills.
Pay one extra mortgage payment a year. You can pay your mortgage off faster by paying one extra mortgage payment each year toward your principal. It may feel like a lot, but if you save up throughout the year and plan for it, this is a relatively easy way to take YEARS off your mortgage payment.
Whether you’re getting serious about buying a home or just thinking about thinking about it, we’re here to help. Start by watching our
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to get your fast and free preapproval, so you can actually start looking. Like, for real. Good luck!
You might also be interested in
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Get Savings And Stability With Summit’s 15/15 Arm
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An easier, more affordable way to buy, build or refinance a home A house is one of the biggest purchases you’ll probably ever make. Which means you really (really!) want to be sure you’re getting the home loan that’s right for you, and that just might be a 15/15 Adjustable-Rate Mortgage (ARM)! But first, let’s look at some helpful background, starting with the two main categories of mortgages – fixed-rate and adjustable-rate.
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Using Your Home Equity: Loan Vs Line Of Credit
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Home equity loan or line of credit (HELOC) — which one’s right for you? Thinking about making some home improvements this fall — or planning ahead so you’re first in line with your contractors next spring? Then you’re probably on the lookout for affordable financing. One option that could be a good fit: tapping into the equity of your home.
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5 Tips To Your Home Improvement Sweet Spots
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Your home is your castle, your refuge and—let’s face it—a place where it can be very easy to sink a big chunk of money. Which is why you’re always on the lookout for “sweet spots”: those home improvements that add comfort, safety or a little zing of style while you’re living in your house and will boost the asking price when it’s time to sell. And if you can find a way to save money on those improvements or cut home expenses at the same time, well that sweet spot just got a little sweeter!
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Tips & Advice For Your First Time Buying A Home
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Buying your first home can be intimidating, so we asked real people to share their new homeowner tips. Find out their strategies to ace the homebuying process.
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3 Simple Ways To Save Energy (and Money) At Home
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Using less energy is good for the environment and it can help you save money on your monthly bills. Try these tips to reduce your energy use around the house.
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Itching To Tackle Your Spring To-do List?
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Use our three-step budget hack to clean up your house and yard without cleaning out your accounts. While you’re dreaming of the ways you’ll get your house and yard ready for spring, don’t forget to keep your budget front and center. It’s fun to get carried away by the thrill of mulch, plants and shiny new garden hoses. But not so fun to spend the summer digging out from under a big credit card bill. Here’s how you can own your spring cleanup in just three steps!
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Don't Put Your (future) Dream Home At Risk
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Thinking about swapping your current house for a different one? Then it’s important to know just how much money you can actually borrow — especially if your hunt is happening in a hot market. Follow these four steps if you're considering a new mortgage.
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Ask Kim: Navigating Home Equity Loans
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Yes, it’s possible to create the home of your dreams, and it may be easier than you think with a home equity loan. But how does it work? Get up to speed with these tips from our very own Kim Sponem.
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Spring Cleaning: Financial Organization Tips For The Home
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As you work on getting your house and yard ready for spring, take the time to do the same with your finances. Now is as good a time as any to organize your records, throw away old paperwork and take a look at your finances to see how you can improve in 2018. Read on for four home organization tips to help you live your best financial life.
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