Are you truly prepared to be a homeowner? That’s one of the questions that first-time homebuyers should consider, according to this article from Bankrate.
First-time homebuyers should make sure they understand what’s involved. Ask yourself before buying if you have good spending habits. If possible, take a homebuyer class in person or online.
If you’re ready and buy responsibly, experts say homebuying can still be a wise financial move. But before diving into the housing market, ask yourself these five questions.
For example: What do you need in a neighborhood?
“I always sit down and say, ‘Give me your wish list,'” says Chris Pagano, a Realtor with Coldwell Banker in Chicago. “What are the must-haves?”
Pagano says the way you live is key. He asks buyers, “What do you do when you come home?” That can help buyers determine whether proximity to a gym, park or good restaurants matters.
He urges buyers to consider how they will get from home to other places. Walking three blocks to a bus stop when it’s 10 degrees can be bone-chilling. If you drive, try it before you buy. And check out potential neighborhoods at different times of day, Realtors emphasize.
