BUYING YOUR FIRST HOME

Have you been renting and you are thinking about taking the big leap on purchasing your first home? Most people start thinking about the basics of owning a home like being able to make modifications without getting permission from someone. When you are in the hype of the moment you do not think about little thing you will be responsible for, like fixing a broken AC or a leaking fridge. For many people, buying a home is still the marker of adulthood; it has been part of the American dream for a long time. It’s important to know your own personal financial situation and your own goals before making the leap from renting to owning a home. Buying a home in the Las Vegas area typically requires some money down and paying for closing cost, there is ways around this, but you will end up getting a high interest rate and no one wants that right?  With the market right now it is hard to keep your eye on a home you love, while trying to save for it. Houses are going on and off the market in less than 72 hours; so lenders are recommending people save money for a down payment before they even start looking because how fast properties are turning. Once you have gotten all your up-front costs out of the way, you will need to start thinking about your budget on how much you can realistically afford; most people just think about the mortgage they have to pay, but do not think about home owners insurance, property taxes, and other little expensive that come with owning your own home. Speaking of that home-loan term, one factor in deciding whether or not to buy a home is how sure you are that you want to stay in one place. Is your job secure? Do you like the town or city? Can you see yourself staying for the long term? You don’t necessarily have to live in the home for your entire mortgage term: You could rent out your home at some point or sell it. But what if you aren’t able to when you want to? Will you be OK staying where you are? It’s a good idea to at least think about how long you need to stay in that home to recoup those upfront costs you made. When you are purchasing a home, it is smart to also think about yourself; is this house going to push you further from your other goals like buying that boat you’ve always wanted, or stop you from putting extra money in your 401(k) for later in life; will buying this house use up all you emergency savings fund leaving you with nothing and having to start over? These are the types of questions you should be asking yourself when you are looking into buying your first home.  If you are sure one hundred percent that you are ready to buy your first home, do it. Nothing feels better than having something of your own that no one can take from you, or can claim for themselves.