Think You’re Ready to Buy Your First Home? Here are the 5 Ways to Know You’re Ready

 

Buying Your First Home in Philadelphia Kitchen

 

What originally brought you to Philadelphia? Whether you grew up here, went to college in the Philadelphia region and never left, or moved to the city for a job, you know this city is the best. You’ve fallen in love with Philadelphia and have decided to plant roots. It’s time to take the steps forward to owning your own home. 

Where to Start

“Where do I start?” That’s the number one question I get from first-time home buyers, and it’s a valid one. Buying a home requires an immense amount of preparation. Interested in buying your first home in Philadelphia? Here are the five ways to know you’re ready:

  1. You’ve Got the Savings
    Owning a home is, most likely, the biggest purchase you’ve ever made. It’s a big step, but one that can be extremely rewarding. Before you start combing through house listings online, make sure that you’re financially ready. Having enough money for a down payment is important, but so is being able to afford to enjoy life in your new neighborhood after you move! Make sure you have money to put toward a down payment, taxes, repairs, and closing costs, while still having some left over for a celebratory beverage at your new neighborhood Happy Hour spot. 

  2. You Know Where You Want to Live
    Philly is a city of neighborhoods, each offering a different vibe, different restaurants, and very different home prices and styles. Really take the time to learn about the neighborhoods, and determine which would be best for your lifestyle, commute, and budget.

  3. You Have a Dream House in Mind
    Are you looking for a house with character, or a newly remodeled home with brand new appliances? There’s a big difference between channeling your inner Chip and Joanna to buy a fixer upper and purchasing a home that’s move-in ready. It’s helpful to know what you’re looking for to not only narrow down your options, but to maximize your budget and ensure that you’ll be happy in your new home for at least five years.

  4. You Talked to a Lender
    Having a quick conversation with a lender is important so that you can get an accurate idea of exactly what money you’ll need for buying a home. There’s monthly costs, your closing costs (the costs that you’ll pay to get into your home including mortgage fees, taxes, title fees, and more), plus your down payment. Not sure where to start? I’m happy to recommend some excellent local lenders.

  5. You’ve Asked the Necessary Questions
    Interest rates, taxes, how long it takes to close on a house – now is the time to ask every question that comes to mind. Use your Realtor® as a resource for lending questions, neighborhood recommendations, and for budgeting. An experienced Realtor know the market, and they’ve done this before. You won’t be the first person to ask a question (I’ve heard them all!). 

Feeling Good about Buying a Home?

If you’ve acknowledged these five items and have a good grasp of what you’re looking for and how much you can spend, it’s time to own your own home. The journey from visiting open houses to holding the key to your home has a lot of steps, but it’s all worth it, and you have plenty of resources to help you along the way. A great way to start is by downloading my Guide to Buying Your First Home

Shoot me an email with the neighborhoods where you’re interested in buying, and a general idea of your budget. We’ll start there, and I’m here to answer any questions you may have about buying your own home. You’re ready – Let’s get started! 

Learn more about buying a home here.