Saving up for your first Utah home can be difficult, especially if you’re not familiar with the process and don’t know where to begin.
There are many different aspects of home buying that you have to consider, like location, budget, and down payment size. Don’t let this overwhelm you though; here are 4 great home buying tips for first-time buyers.
According to Eric Lindstrom, Utah residents can use these tips to kick start their home-buying journey and get that first house sooner than later!
- Research is Everything
Eric Lindstrom Jr. recommends that you research your needs well. A good place to start is by researching the neighborhoods you’re interested in.
What’s the average price? Are there public schools nearby? Is it close enough to work and commute routes? These are all important things to consider when making a decision on where you’d like to live.
- Mortgage Lenders
One of the most important steps in the home buying process is finding a mortgage lender. The easiest way to find a good mortgage lender is by asking friends and family who they’ve used or who they trust.
It’s also important to ask how long it took them, how much money they put down, and any other information that you can think of.
You should also consider looking at reviews from websites such as Yelp or Houzz, checking out the Better Business Bureau, and making sure your potential lender has been in business for more than five years.
- Know Your Target Area
One of the first steps in buying a home is understanding your target area. Consider what you want from your home and what your budget looks like, and then find some homes that meet those criteria.
Of course, it’s not just about finding a place that has what you’re looking for – you also have to consider the neighborhood.
The more research and legwork you do before shopping around, the better chance you have of finding a place that will suit all of your needs.
- Know What You Can Afford
While you can’t do anything about your income or the state of the housing market, there are some things that you can do before you start shopping. One of the most important steps is deciding how much home you can afford.
To figure this out, calculate your monthly income and subtract at least 10% from it. This will give you a good idea of what size mortgage payment you could afford on a monthly basis.
For example, if your monthly income is $5,000, then after adding 10% ($500), we come up with $4,500 as the maximum amount per month that you should be willing to spend on a mortgage payment.
With a little patience and research, buying a home can be one of the most rewarding experiences.
According to Eric Lindstrom, Utah home buyers should start by thinking about the type of house that best suits their needs and lifestyle.
If you are considering buying a first-time home, these four tips will help you get started!