First time home buying advice?

Hello,

Can anyone provide some advice on ways to save when considering purchasing a home for the first time?  What type of rental property to look at, meaning, turn key or fixer upper and possibly square footage ? Last but not least what type of financial assistance may be available for first time home buyers eg: loan or grant  ?

5 Answers

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  • 28AKO
    Lv 5
    1 month ago

    Stay away from anything that says rent to own!!! Stay away from home association fees, wouldn't go with a pool on property, always ride through neighborhood at night to check neighborhood out you plan on purchasing home in

  • 1 month ago

    The first thing to do is talk to a mortgage broker and get pre qualified for a mortgage.  Not only does this establish the maximum mortgage, but all sellers want to see it when you make an offer.

  • 1 month ago

    Are you renting or buying? Buying a single-family home or residential income property? This is a bit confused. No grants, except sometimes a specific program in a depressed neighborhood to get new buyers in & bring the properties in that area up to code. House may be cheap, but rehabilitation (not just remodeling, renovation) will likely be very costly & very time-consuming. To bring to code, you must hire professionals, get inspections, etc, so there can be a lot of restrictions on those programs. IF you have good skills, you can save money by doing some things yourself, but if you don't do quality work, you have a major & costly problem.

    There are various types of mortgages depending on your qualifications, e.g. is one of you a veteran? How much down payment do you have saved (PLUS closing costs, moving costs, any work which needs to be done, furnishing, etc.)? What are your credit scores, income, debts?

    Your banker and a good realtor can help guide you through everything, once you have a good down payment, good credit scores, and sort out your needs & wants.

  • 1 month ago

    Rental properties and those for sale are two different things.

    See a mortgage broker to find out based on your financial circumstances how much money you can borrow. When you have that figure, you can browse properties within your budget.  Then you need to view the properties you are interested in and decide whether you can move in and fix up as you go, whether it needs fixing before moving - and whether you have the budget for it, or if you prefer a turn key home. The more you see, the better understanding of what you want or can do will be clearer.  Square footage may not be a factor as such - you can decide what you want, but your budget will decide what type of property you can afford and it is for you to decide whether what you see is too small or too big.

    My first home was needing a bit of TLC, but we could move in and slowly over time, saved the money for the new kitchen and decorated the rooms ourselves when we had time.  It took a few years before the house was good and second hand furniture was replaced with new.

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  • A
    Lv 7
    1 month ago

    Don't consider a fixer upper unless you are skilled enough to do most of the work yourself, it is difficult to get a bank loan to cover the price of the house plus rehab.  There are no grants, you would have to build your credit to be able to get a loan and will need to save up 20% for a downpayment, and more for closing costs

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