Whether you are 25 and single or 35 and married, deciding to buy your first home is kind of a big deal. From securing an affordable mortgage to saving up for your down payment, buying your first home is guaranteed to be one of the most significant financial decisions you’ll ever make in life.
As the leading real estate team in Philadelphia, The Mike McCann Team has spent years helping people just like you successfully navigate the home buying process for the first time. Whether it’s educating our clients on the home buying process or introducing them to grant programs, our team works around the clock to help homebuyers find a property they will love for years to come. Based on our years of experience, here are a few things we think every homeowner should consider when purchasing their first home.
Your Situation
While many of us want to become homeowners in the near future, not all of us are ready to own a home. Homeownership is a huge financial responsibility, and it is important to take some time to prepare. Before jumping on the train to homeownership, check out this video on three things you should take into consideration before purchasing your first home.
The Market
You’ve probably heard the terms buyer’s market and seller’s market, but have you ever stopped to think about what they really mean? The housing market is considered to be buyer friendly when there are more houses for sale than there are buyers to claim them. On the other side, we have a seller’s market, which is when there are few homes up for sale but a lot of interested buyers. While you as first time home buyer would obviously prefer a buyer’s market, it is important to remember that more buyers means more competition for your property.
While Philadelphia’s housing market has seen its fair share of ups and downs in the past, today the market’s conditions are favorable for both buyers and sellers alike. With a plethora of affordable homes available in desirable neighborhoods such as Rittenhouse and Society Hill and a massive population of buyers, Philadelphia has shaped itself into one the most popular places to buy a home in the country.
Your Budget
One big mistake that first time home buyers often make is using their mortgage payments as the sole determining factor for deciding whether or not they can “afford” a property. While accounting for your mortgage payments is essential, there are many other things to consider when determining if you can truly afford a home. When assessing your financial situation, you should keep the following costs in mind:
- Property Taxes
- Closing Costs
- Homeowners’ Insurance
- Homeowners’ Association Fees
Your Preferences
Are you looking for a condo with a view of the city or a brownstone townhouse in a great school district? Narrowing down which type of property and amenities you want in your first home is just as important as securing an affordable mortgage. While you may not be able to get everything you want in your first home, it is still a great idea to prioritize what features you are looking for in a home and neighborhood before you start house hunting. When narrowing down which type of home, you’ll want to consider factors such as:
- Home Style
- Neighborhood
- School District
- Job Commute
Determining your “deal breakers” before you start your house hunt can help you and your real estate agent avoid wasting time seeing houses that don’t match your needs or desires.
The Process
Navigating the home buying process can be difficult for even the most seasoned buyer. But with the help of an experienced real estate agent, you can walk away from the process with zero buyer’s remorse. The difference between a good and bad real estate agent lies in their level of dedication to their clients.
Good real estate agents don’t just help you find a home — they take time to educate you about the process so that you can feel secure knowing that you have all of the tools and information to make an informed decision about buying your first home. On top of that, they go the extra mile to help you maximize your budget by introducing you to programs that can help take away some of the stress of buying a new home.
Get to Know Our Team
Recognized as one of the best real estate agents in the city of Philadelphia,Lynda Krevitz is Society Hill’s home buying guru. Whether you are looking for a two-story brownstone townhome with Georgian architecture or a newly renovated colonial home, Lynda can help you snag a beautiful home in one of the city’s most sought-after neighborhoods.
Ready to find your dream home? The Mike McCann Team is ready to help! Contact Lynda Krevitz today at 215-709-4141 or visit her at our new KW Philly office located at 728 S. Broad Street.
