The decision to invest in your first piece of real estate does not come without careful planning. Taking the leap into homeownership is not a decision that should be made lightly. If you are thinking about buying your first place in the next couple of years, it is always best to prepare ahead of time. This way, you know you are making the right decision when it comes to such a large investment. Here are some tips for preparing for the world of home-ownership. 1. Start saving. Having a down payment is a great thing when it comes to buying a house. A down payment will greatly help to lower your monthly mortgage payment. By saving money, you are also going to have money to help pay for closing costs and to put hand money down the your potential new home -- this helps to show the buyer that you are serious about your purchase. The more you can save the better; this mean you'll have to borrow less money. 2. Know how much home you can afford. Before you purchase real estate, it is always a good idea to get pre-approved. This way, you are able to only look at locations that are in your budget. You should also consider the cost of utilities before buying. This can help you avoid living from paycheck to paycheck. 3. Decide where you want to live. Are you going to be in search of real estate in the city or in the suburbs? Do you want to be close to public transportation? Do you want to be in walking distance of shops and restaurants? How important is a garage or parking spot to you? These are all great questions to ask yourself before you go on a house hunt. This is also important information to share with a real estate agent. The more information your agent has, the more guidance they will be able to provide you. 4. Decide how long are you going to be living in this location. Experts say that you should live in a home for at least 5 years in order to get your money's worth. Where do you see yourself in 5 years? Do you see yourself living alone, getting married, or even starting a family? These are all things to consider when purchasing real estate. Do not just look for a house that is going to meet your needs today; think about your future plans. This can help prevent you from having to make another move in a few years. 5. Don't be afraid to ask for advice. If you are a first-time buyer, do not hesitate to seek this advice of family or friends that have been down this road before. Purchasing real estate is a big decision; it never hurts to ask for guidance. Preparing for this big moment in your life can help make the transition from renter to homeowner a smooth one. When looking for beautiful Ann Arbor real estate, residents visit Matt Dejanovich. Learn more about our services at http://www.isellannarbor.com.
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