The Emotional Side of Buying Your First Home
Purchasing a first home can be an exciting but daunting experience, especially when navigating the mortgage lending process. Getting caught up in hunting for the ideal house can get anyone carried away and quickly. Finding the home you can picture yourself living in is only half the battle when shopping for the perfect home. It's essential to approach this decision with a clear mind, so you can make informed choices that will benefit you in the long run. Here are a few factors to keep in mind when house hunting to avoid getting swept away by emotions:
Is it within the budget?
When you get pre-approved by Imagine Home Lending, the letter will disclose a dollar amount that you're pre-approved for. It's essential to keep that figure in mind while scheduling tours and open-house visits. This will prevent you from falling in love with a house outside your price range. As well, getting pre-approved before finding the perfect home gives you a better chance of having your offer accepted.
Does it fit my present and future needs?
While predicting the future is impossible, consider your five-year plan when shopping for a house. If you're downsizing, hoping to start or expand your family, adopt a dog, etc., consider those five-year goals when determining if a home is a good fit for you in the long run.
Do I have the budget for the improvements I'd like to make?
Making a house a home is one of the most exciting things about homeownership. In the era of HGTV DIY fix-it shows, however, it can be all too enticing to envision being able to complete projects that are far outside our scope of ability or budget to tackle realistically. Before getting swept off your feet by a home, ensure you have the time, resources, know-how, etc., to manage any projects you'll immediately want done.
Purchasing a home is inherently emotional. The American dream is synonymous with homeownership, so there's an immense sense of aspiration, pride, and achievement in reaching the homeowner milestone. A home is also likely the largest purchase one will make, and for that reason, it can elicit a bit of fear and thrill.
Keeping these tips in mind and having an experienced Mortgage Loan Officer by your side will help you make practical, intelligent decisions about your home purchase. With a little bit of preparation and knowledge, you can tackle the mortgage lending and homebuying process with confidence and ease.