{"id":2875,"date":"2022-12-15T16:58:23","date_gmt":"2022-12-15T15:58:23","guid":{"rendered":"https:\/\/www.recentimmo.com\/blog\/?p=2875"},"modified":"2022-12-15T16:58:23","modified_gmt":"2022-12-15T15:58:23","slug":"things-to-know-when-buying-your-first-home-in-2023","status":"publish","type":"post","link":"https:\/\/www.recentimmo.com\/blog\/things-to-know-when-buying-your-first-home-in-2023\/","title":{"rendered":"Things to Know When Buying Your First Home in 2023"},"content":{"rendered":"<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-full wp-image-2876\" src=\"https:\/\/www.recentimmo.com\/blog\/wp-content\/uploads\/2022\/12\/Things-to-Know-When-Buying-Your-First-Home-in-2023.jpg\" alt=\"Things to Know When Buying Your First Home in 2023\" width=\"600\" height=\"401\" srcset=\"https:\/\/www.recentimmo.com\/blog\/wp-content\/uploads\/2022\/12\/Things-to-Know-When-Buying-Your-First-Home-in-2023.jpg 600w, https:\/\/www.recentimmo.com\/blog\/wp-content\/uploads\/2022\/12\/Things-to-Know-When-Buying-Your-First-Home-in-2023-300x201.jpg 300w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/p>\n<p>Buying your first home can be both exciting and a little intimidating as there are many new processes to experience, things to get done and people to work with. It\u2019s a big step to take in life so here are several important things you should know that can guide you through this journey from start to finish.<\/p>\n<h2>Know the real cost of your new home<\/h2>\n<p><img decoding=\"async\" class=\"aligncenter size-full wp-image-2879\" src=\"https:\/\/www.recentimmo.com\/blog\/wp-content\/uploads\/2022\/12\/Know-the-real-cost-of-your-new-home.jpeg\" alt=\"Know the real cost of your new home\" width=\"600\" height=\"400\" srcset=\"https:\/\/www.recentimmo.com\/blog\/wp-content\/uploads\/2022\/12\/Know-the-real-cost-of-your-new-home.jpeg 600w, https:\/\/www.recentimmo.com\/blog\/wp-content\/uploads\/2022\/12\/Know-the-real-cost-of-your-new-home-300x200.jpeg 300w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/p>\n<p>It\u2019s very important you know exactly how much your new home will cost. It\u2019s not just the mortgage payment. The best way to start is to\u00a0<a href=\"https:\/\/www.chase.com\/personal\/mortgage\/calculators-resources\/mortgage-calculator\" target=\"_blank\" rel=\"noopener\">use a mortgage calculator<\/a>\u00a0to estimate how big your monthly payment will be.<\/p>\n<p>You should also factor in property taxes and homeowner&#8217;s insurance as well as the cost of home maintenance, which includes maintaining the lawn and yard, appliances, unplanned repairs and any Homeowners Association fees if they apply. Do not forget about utility costs like electricity, gas, water and sewer which may increase your monthly costs.<\/p>\n<h2>Know your needs<\/h2>\n<p>Before you start shopping for a new home, you should also be very well aware of what it is that you truly want in your new home. There\u2019s typically a big difference between where you\u2019re at currently and where you plan to be in the future. Think about the number of rooms and if you\u2019re going to have kids and if everyone is going to have their own room, whether you need a home office or a playroom and guest room.<\/p>\n<p>Consider the location in reference to your work and think about the type of neighbourhood you want to live in. Safety is a big concern when you&#8217;re choosing your first family home. You&#8217;ll want your home to be in a safe part of town, but it&#8217;s also important that the house itself satisfies all safety standards. This is something you&#8217;ll have to deal with when you actually buy the home but put it in your plans at the start that a home inspection is a must. This helps you uncover problems with the home&#8217;s structure, plumbing, electrical work, roof, and other parts. \u00a0It may be necessary to rewire the home, take care of safety switches, repair the cables and address any other electrical issues. For that, it\u2019s recommended you contact a reputable\u00a0<a href=\"https:\/\/helloelectrical.com.au\/areas-served\/northern-beaches-electrician\/\" target=\"_blank\" rel=\"noopener\">emergency electrician in Northern Beaches<\/a>\u00a0so no time is wasted and no risk is involved regarding your future life in the new home.<\/p>\n<h2>Start saving early<\/h2>\n<p><img decoding=\"async\" class=\"aligncenter size-full wp-image-2877\" src=\"https:\/\/www.recentimmo.com\/blog\/wp-content\/uploads\/2022\/12\/Start-saving-early.jpg\" alt=\"Start saving early\" width=\"600\" height=\"400\" srcset=\"https:\/\/www.recentimmo.com\/blog\/wp-content\/uploads\/2022\/12\/Start-saving-early.jpg 600w, https:\/\/www.recentimmo.com\/blog\/wp-content\/uploads\/2022\/12\/Start-saving-early-300x200.jpg 300w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/p>\n<p>Start saving before you find your ideal first home. Set up an automatic transfer from your paycheck to your savings account, and use it to set aside any extra income and tax refunds. Also, see where you can make additional cost cuts, such as bringing your own lunch to work instead of eating out.<\/p>\n<p>This savings account is a significant asset as you will have many expenses throughout the entire home-buying process. There will be appraisals, deposits,\u00a0home inspections, down payments\u00a0and\u00a0closing costs. Building your savings account now will ensure you are prepared for these expenses and for the time of moving in and furnishing your new home.<\/p>\n<h2>Build your credit wisely<\/h2>\n<p>Another wise step to take before purchasing your first home is to be smart with your credit. Your credit score is carefully audited and considered by lenders as one of the key factors to determine whether or not you\u2019ll be approved and if so, what interest rate and loan terms you can get.<\/p>\n<p>Typical credit mistakes many first-time homebuyers make are opening new credit lines shortly before you apply or close on your new home and avoiding credit altogether which also doesn\u2019t contribute to your positive credit score.<\/p>\n<h2>Shop around for mortgage loan options<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-2878\" src=\"https:\/\/www.recentimmo.com\/blog\/wp-content\/uploads\/2022\/12\/Shop-around-for-mortgage-loan-options.jpeg\" alt=\"Shop around for mortgage loan options\" width=\"600\" height=\"450\" srcset=\"https:\/\/www.recentimmo.com\/blog\/wp-content\/uploads\/2022\/12\/Shop-around-for-mortgage-loan-options.jpeg 600w, https:\/\/www.recentimmo.com\/blog\/wp-content\/uploads\/2022\/12\/Shop-around-for-mortgage-loan-options-300x225.jpeg 300w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/p>\n<p>Another mistake most people make is thinking that a conventional loan is their only option when buying a house. On the contrary, there are several\u00a0different mortgage loan options available and each of them has its pros and cons. It\u2019s advisable you work with a\u00a0home lending advisor\u00a0to find out which lending option would be the most suitable for your unique circumstances.<\/p>\n<h2>Hire an agent and negotiate thoroughly<\/h2>\n<p>You should also consider working with another professional \u2013 this time it\u2019s the real estate agent. They are experts at finding the house that best fits your needs. They&#8217;ll take all factors into consideration and negotiate on your behalf plus prepare all the necessary paperwork for you. You might try doing this all yourself, but for a first-time homebuyer, a professional agent is always a better option.<\/p>\n<p>There&#8217;s a lot to consider when buying a home, but it&#8217;s worth it in the end. Knowing what the process entails, and having the right strategy is an excellent way to prepare yourself for this exciting journey.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Buying your first home can be both exciting and a little intimidating as there are many new processes to experience, things to get done and people to work with. It\u2019s a big step to take in life so here are several important things you should know that can guide you through this journey from start<\/p>\n","protected":false},"author":1,"featured_media":2876,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":{"0":"post-2875","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-real-estate"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Things to Know When Buying Your First Home in 2023<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.recentimmo.com\/blog\/things-to-know-when-buying-your-first-home-in-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Things to Know When Buying Your First Home in 2023\" \/>\n<meta property=\"og:description\" content=\"Buying your first home can be both exciting and a little intimidating as there are many new processes to experience, things to get done and people to work with. 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