If you are considering finally moving from rented accommodations and becoming a First Time Home Buyer Tucson, there are a number of things you should do long before you begin the hunt. Here are a few hints on the steps you should take to help in deciding whether you are ready for the plunge or not.
* Selling prices: Check the selling prices of homes which are somewhat similar. You can do a quick hunt on the Internet, use any MLS realtor and look at the home, the condition, size and location. Location has a lot to do with the price of a home; there is a saying, “avoid the best house in the worst neighborhood instead go for the worst house in the best neighborhood”.
* Mortgage: Many banks that offer home mortgages have on-line calculators that you can use to get a close approximation of the monthly mortgage payments. Remember, the payment can vary from day to day so the amount is really only applicable if you were to buy the home on the day you checked.
* Determine the total monthly cost: Your monthly cost when you are a First Time Home Buyer Tucson is not only the mortgage payment; you must consider taxes and insurance. Depending on the area, the insurance and taxes can be considerably more than the actual mortgage payment. You can get a good idea by contacting a local insurance agency, give them the few details you know at this time and they can give you a reasonable ball-park figure. To get an approximation on the taxes, check the web site of the property appraiser. Remember, there are a number of issues that affect the final number, but at least you are now close to reality.
* Check your closing costs: Closing costs affect both the buyer and seller; they can include the origination fees for the mortgage, taxes, legal assistance and pre-paid items such as the initial insurance premium.
* Look at your budget: This is where you have to get serious. Mortgage companies suggest that your monthly cost for accommodation, including the things mentioned should not exceed 28% of your income, anything more than that and you may soon find yourself house-poor. As a first time home buyer in Tucson you should also see if owning the home is still practical if one income should disappear, such as might happen in the event of pregnancy as an example.
* Start talking: Start asking reputable real estate agents what their opinion of the market is, do they expect prices to fall in the short term, or rise.
Becoming a first time home buyer in Tucson is exciting but do not lose track of the big picture. Maintaining a house is expensive and looking after it is labor intensive. If the budget looks good and you are willing to dedicate time and money into your own home, then go for it.
As a first time home buyer in Tucson you are invited to work with Premier One Realty. They have listings which are ideal for a young couple starting on the road to home ownership.