Purchasing your first home is a huge life milestone! There are many factors to take into consideration, including insurance and many areas to be cautious of. That’s why we’ve shared MUST KNOW tips for first-time home buyers.
You shouldn’t rush the process of purchasing a new home, even though you may want to be moved in as quickly as possible. We’ve outlined our top tips for first time home buyers to ensure you are making the best decisions throughout the process.
Four Important Tips for First-Time Home Buyers
#1 Realistic Goals and Savings
Your mortgage should not be an unattainable payment each month, you should be able to pay the amount comfortably. Make sure you understand all your estimated monthly costs including home insurance as that impacts your monthly budget. It’s recommended that you have 3 to 6 months of savings for any unexpected expenses before purchasing a home.
#2 Home Renovations
A fixer-upper purchase may not be ideal if you are a first-time home buyer. It may look intriguing; however, it can easily become more expensive and more demanding than you initially sought out. Once you have more experience as a homeowner, you will be more prepared to take on an older home and complete a lot of renovations successfully.
#3 Do Adequate Research
As a first-time homeowner it’s important you take your time with decisions and do as much research as you can prior to committing to anything. Talk with others who have experience with owning a home and/or read our home insurance blogs as they offer helpful insight.
Two awesome examples of informative blogs you should read are, The Best Advice Ever: Why You Need A Home Inventory Checklist and A Straightforward Guide to Making Your Home Safer.
#4 The Value of Home Insurance
Our final and MOST important tip is regarding homeowner’s insurance. A personal home & property insurance policy provides peace of mind in knowing your most valuable assets are protected. Be fully transparent with your Youngs Insurance Broker as they help guarantee you are properly insured, however, they need all the information to do so.