Buying your first home is a colossal milestone. When you’re ready to take the first steps towards owning a property, you may wonder how you can ensure your ultimate success. Needless to say, there are many different things to organize and consider first.
The sooner you get started and kick things into gear, the sooner you can find your dream home. However, gaining some helpful advice is always a clever way to get the ball rolling. Fortunately enough, the experts at EPM have the answers. Within this guide, they share some of the top secrets to being a successful home buyer.
#1 Always Pay Bills on Time
First things first, let’s talk about your credit score. When you’re looking to get a mortgage, this is one of the major factors that will determine your success. Unpaid or late bills have a direct impact on your credit score, which could set you up for a massive fall.
For that reason, the experts at EPM suggest getting into the habit of paying bills on time. That may mean setting up regular payments from your bank or keeping track of any outgoings you have each month. Of course, should you find that you’re struggling to keep up with your payments, you need to address that problem. Cutting back on unnecessary expenses and lowering your regular outgoings are two savvy places to start.
#2 But Don’t Shy Away from Risk
Whenever you make a serious financial decision, there’s bound to be an element of risk. Buying a home or property is no different. Successful home buyers understand the risks they will incur ahead of time. Doing your research will help you gain insights into the world of buying and owning properties. The more you know, the better you can combat the risks.
When you decide to buy your first home, you have to get comfortable with the idea of risk. That means understanding what you’re undertaking, evaluating the situation, and going ahead with it. It takes courage, intelligence, and a will to succeed to get this right. The sooner you commit to your decision and start to move forward, the better the outcome.
#3 Get to Know the Housing Market
How much do you know about the current housing market? Before you start looking into mortgages, it’s worth doing some research. Shrewd home buyers have their finger to the pulse when it comes to the latest changes in the markets, average property prices, and more. You may want to speak to experts in the field or simply do independent research.
The mortgage experts over at EPM recommend taking the time to familiarize yourself with the housing market. You could subscribe to industry-specific magazines, read advice online, or enlist the help of an advisor or expert. However, you choose to do your preliminary research, understand that these steps will bring you closer to homeownership.
#4 Set Realistic, Attainable Goals
Should you have your head in the clouds, it may be hard to save up the down-payment for your first home. This issue is one that many first-time buyers find difficult. Ultimately, this problem comes down to goal-setting and how you work toward your targets. The first thing you need to do here is to determine how much of a down-payment you will need. You could speak to a financial advisor to give you a ball-park figure ahead of time.
When you first hear the amount, it may sound intangible to you. Chances are, this is the most money you will ever have to save in one go. That’s why the experts at EPM suggest breaking down the goal into smaller chunks. For example, you may set a goal of saving a certain figure over the coming six months. When you reach that target, you can reassess the situation and set your next goal. Taking this approach means that you are less likely to be overwhelmed by the amount that you have to save and more likely to stick to your plan.
#5 Consider Your Future Options
When searching for the right home, there is a multitude of factors to consider. You need to know that space will be comfortable for you and your family; to be certain that you love the area; that it has good schools; that it’s commutable to your workplace; and that you can see yourself living there. However, the decision doesn't end there.
You might find that you’re thinking too short-term. The experts at EPM advise that you also consider your future options when looking at any property. While the home may suit your needs right now, will that change five, ten, or even 20 years down the line? If the answer is yes, you should look into what your options will be. For instance, you may be able to rent the property out or sell it and upsize when the time is right. Having a long-term strategy will set you apart from other first-time home-buyers for all the right reasons.
About EPM
EPM is a national lender, operating across 49 states. The business provides a variety of mortgage products to suit your needs. The team of experts includes certified underwriters and a management department with more than 50 years of experience. With that in mind, choosing EPM as your lender could mean that you get decisions on your application in a timely fashion.
