Payson Realtor – 4 Needs for a 1st Time Home Buyer

Have you been renting and now you have decided to become a home owner? Besides needing a great Payson realtor, here are four important needs for a first-time home buyer.

Need #1 – Sufficient Money for Monthly Payments – It is extremely important that you know just how much house you can afford. Be sure to calculate what the monthly house payments will be and look at your family budget to insure you can easily make those payments. It is wise to not buy a house at the highest amount you can afford. It’s better to go more mid-to-upper range. This will give you some extra room in your monthly budget for savings and the unexpected.

Need #2 – Sufficient Money for Taxes & Insurance – Remember that your mortgage is not your only house expense you will have property taxes and home owners insurance each month. You will need to plan these expenses into your monthly budget as well.

Need #3 – Sufficient Money for Maintenance – If you have been renting you may have enjoyed when something goes wrong, like a broken faucet or the oven went out, you just called the landlord and they fixed it. But now you are the “landlord” so be prepared for expenses related to the maintenance of your new home. This is the main reason not to spend all your money on your monthly mortgage payment. It allows you to save some money each month so when your refrigerator quits working you have the money to replace it.

Need #4 – A Good Credit Record – When purchasing a home, a good credit record will help you get a good mortgage at a good rate. People who have many late payments or unpaid debts in their past will likely pay higher interest rates on a home mortgage.

So, you can see, by making sure you have these four important needs you will be better prepared to become a first time home owner. If you have any questions about buying a home contact Rory, your Payson realtor at 928-595-0136.