There’s a first time for everything, and that includes buying a home. And with historically low-interest rates and more ability for people to work from home due to COVID-19, many first-time homebuyers are ready to make a move now. So if this is in fact your first home buying rodeo, there are some things that are important to consider, especially in today’s real estate climate. From down-payments to finding the right fit, here are the top five things you should know before buying your first new home.
- Low interest rates mean you have more buying power. Buying now will give you the opportunity to lock-in the lowest mortgage interest rates in history. Low interest rates translate to a better investment in your new home without stretching your budget.
- Inventory is also low, meaning you’ll have to move quickly. Low interest rates among other items are leading to a shortage of home inventory.
- Make sure you get pre-approved for your loan. This will allow you to move quickly when you find a new home. This will also give you a clear idea of your budget.
- Understand how down-payments work. You don’t always have to put 20% down, and there are specific first-time homebuyer assistance programs out there to help make homeownership more affordable.
- Find one that “just feels right.” As the home becomes more and more important today, finding one that fits your needs is crucial. Experts recommend looking for one that will fit your needs for at least 5 years out. Flexible living options such as home offices, study areas, lofts, indoor/outdoor living, and multigenerational suites are all options homebuilders are offering today.
Read the full article from the Today show here.