First time home buyers are one of the most inquisitive group of people you will ever come across. They are a sponge for real estate knowledge as they embark on what will most likely be the largest purchase they’ll ever make in their lives. And the person that can best help today’s first time home buyer is a first time home buyer that has just completed the purchase of their first home.
It just so happens I work on this blog with two of those very types of people. Both Gustavo Gonzalez and Lindsay Listanski have bought their first homes in the last few months so I thought they would be best served to help provide some insight to other first time home buyers out there who are currently in the midst of this monumental purchase.
1. What was the biggest surprise you had now looking back at buying your first home?
Lindsay: For me it was actually experiencing the lack of inventory out there first hand. I expected to have dozens of homes in every town I was interested in to select from and that just wasn’t the case. There were weeks where I felt like I was seeing the same houses over and over with nothing new.
Gustavo: The whole financial aspect was surprising to me. I was really surprised to find out how property taxes impact the amount of home you can afford. During our First Time Homebuyers Week, Coldwell Banker Mortgage adviser Stephen Kulisek summed this up best when he said:
“In this market every $10,000 borrowed may cost you only about $45 per month on a 30 year fixed mortgage while every $1,000 in real estate taxes per year will cost you about $83 per month. This means that from town-to-town and in some cases even street-to-street your Buying Power can change by almost $20,000 with every $1,000 spent on real estate taxes”.
2. What part of the process was smoother than you expected?
Lindsay: The mortgage process was WAY smoother than I had anticipated. Yes, there is plenty of paperwork to fill out but truthfully it was painless. I worked with Coldwell Banker Mortgage and they were organized, professional and always super responsive when I needed anything. My best advice for a first time buyer is to take the time to create folders to stay organized. This takes the stress out of a somewhat chaotic period.
Gustavo: I had a different experience than Lindsay and found the mortgage process to be a bit overwhelming at times with a process that seemed disjointed and disconnected. To answer the question, closing day was infinitely smoother than I had expected with everything taking no more than 45 minutes. I remember getting the keys and thinking “Really, that’s it?” I also came to realize to a greater degree what my agent did to shield my girlfriend and I from the wrath of the impatient sellers.
3. Now that you own your own home, what’s the first thing project you’re taking on in your …read more
Via: Blue Matter