Advertising

How Young Families Should Prepare for Their First Home Purchase

Advertising
How Young Families Should Prepare for Their First Home Purchase

Buying your first home is a milestone for any new, young family, whether you’re newlyweds still on your own or you’re bringing a few little ones in tow. You need space to let your family grow and flourish, and the best garden for new families exists in your own home, where you won’t have to worry about landlords or picking up stakes after your lease. That said, planning for a home is no easy task–although going about it the right way makes the endeavor run much more smoothly.

Think About Your Dream House

Family planning is a huge issue when you’re ready to buy a home. You have to think about the size of your family because you don’t want to have to upgrade in a few years, sell your current home, and start the process over again. Do you plan to stay child-free or do you dream of a house full of children? Maybe two or three is your perfect number. Whatever the case, budget for bedrooms, bathrooms, and the perfect amount of space.

You likely have some necessities as well. What’s most important to you? Are you flexible on location, or are you determined to stay in, say, Tampa or Naples? Do you want a home in the city or a house surrounded by greenery? Think about both the luxuries and the essentials, such as:

Advertising

  • The number of floors
  • The number of bathrooms and bedrooms
  • A large yard
  • A ranch vs. a colonial
  • And the overall age of the home

Examine the Employment Situation

If you don’t have steady employment, you may want to think twice about buying a house. You don’t want to get stuck with a mortgage that you can’t pay. If your job is on the fence or you’re constantly changing careers, you might need to wait. Likewise, you should decide if both of you need to work. A single-income family situation might not work for the house of your dreams, even if your desires are flexible.

Get a Handle on Your Debts

New Home 2

    Your debts weigh heavily on your credit score. Are you in default on any of your school loans? Is there a credit card you’ve neglected to pay off that’s now coming back to haunt you? Before you even go see the bank or any lenders, check out your credit score. To determine your credit score, several aspects factor in:

    Advertising

    • Your payment history
    • The amount you owe
    • The length of your credit history
    • Any new credit
    • The types of credit

    Don’t start opening credit accounts all over the place to boost your FICO score either. That will look even worse, and it will affect your mortgage rate. To get a good mortgage rate, you need a high credit score. At some lending offices, a credit score between 625 and 650 will get you a decent rate. If you want better options for financing and enviable interest rates, you need a score of 700, at least.

    If you fear your FICO score doesn’t pass muster, all hope isn’t lost. Start paying off your debts now. Use the snowball method if you have to, and pay off the card with the highest interest rate first, then work your way down the list.

    Work Out Your Mortgage Management

    Advertising

    New Home 3

      The housing marketing is always on the rise and fall. Buying a home is a great idea now, because the housing industry is hot. Houses are being sold at lower rates for numerous reasons. That can work very well with your chances for an affordable mortgage rate through www.foundationmortgage.net. You can talk to someone at your local bank or other financial institution to see about your options. If the rates you’re quoted scare you, just remember this: having a mortgage is the same thing as paying rent, except you’re paying yourself to own your home. Your mortgage and interest rates create equity, which you can borrow from in times of trouble and write-off as a tax deduction. Be careful when doing this, you don’t want to borrow more than you can afford.

      There are 10.2 percent more single-family homes for sale in Florida than there were last year. That increases your chances of finding your dream home, but it will also help you get a better mortgage rate. The law of supply and demand that made good rates so hard to come by during the housing crisis is finally starting to calm down. You simply have to work out what kind of mortgage works for you:

      • A fixed-interest mortgage, which keeps your interest the same for life
      • An adjustable-rate mortgage, where the rate changes every year
      • Or an interest-only loan, which helps if you need a low payment in the beginning

      Stay Within Your Budget

      That being said, you still need to stay within your budget. Moving is a big deal anyway; just the cost of moving from a rental to a home you own will cost a bundle, especially if you need new furniture. Plan to spend anywhere between $5,000-$10,000, depending on where you’re going, what you own, and what you can do yourself. You can’t forget about broker’s fees, closing fees, and deposits, either, especially since the average cost of a home in Florida is up to $194,000.

      Advertising

      Research Your Loan Options

      Whether you’re going for a Tampa mortgage, a Naples mortgage, or a straight Florida refinance plan, there are lots of loan options available to you. For instance, FHA loans come from the Federal Housing Administration, which backs you on insurance as long as you meet the qualifications. VA loans are available to active members of the military as well as eligible veterans. There are also loans from the government and housing offices in your local area, especially for people buying a home for the first time.

      Think Outside the Traditional Box

      If you’re thinking about an FHA loan, then realize that various HUD homes through the Department of Housing and Urban Development might become available to you. You have to meet strict qualifications, but they’re worth looking into if you’re having trouble getting a loan. You can even think about looking at foreclosed homes in your area, which may cost much less than other homes.

      Buying a home for the first time is scary but it’s also exciting; it’s one of the best investments you’ll ever make. Are you ready to take the plunge?

      Advertising

      More by this author

      8 Ideas to Modernize Your Living Room 5 Myths about Saving on Energy Costs 6 Tips to Keep Pests From Harming Your Health 5 Ways Healthcare Professionals Prep For The Holiday Season DIY Decorating Ideas for Each Season

      Trending in Home

      1 10 Small Changes To Make Your House Feel Like A Home 2 30 Awesome DIY Projects that You’ve Never Heard of 3 5 Reasons Why Tidying Your Room Can Change Your Life 4 25 Really Cool Cat Furniture Design Ideas Every Cat Owner Needs 5 Scientists Discover Why You Should Take Off Your Shoes Before Entering Your Home

      Read Next

      Advertising
      Advertising

      Last Updated on December 2, 2021

      The Importance of Making a Camping Checklist

      Advertising
      The Importance of Making a Camping Checklist

      Camping can be hard work, but it’s the preparation that’s even harder. There are usually a lot of things to do in order to make sure that you and your family or friends have the perfect camping experience. But sometimes you might get to your destination and discover that you have left out one or more crucial things.

      There is no dispute that preparation and organization for a camping trip can be quite overwhelming, but if it is done right, you would see at the end of the day, that it was worth the stress. This is why it is important to ensure optimum planning and execution. For this to be possible, it is advised that in addition to a to-do-list, you should have a camping checklist to remind you of every important detail.

      Advertising

      Why You Should Have a Camping Checklist

      Creating a camping checklist makes for a happy and always ready camper. It also prevents mishaps.  A proper camping checklist should include every essential thing you would need for your camping activities, organized into various categories such as shelter, clothing, kitchen, food, personal items, first aid kit, informational items, etc. These categories should be organized by importance. However, it is important that you should not list more than you can handle or more than is necessary for your outdoor adventure.

      Camping checklists vary depending on the kind of camping and outdoor activities involved. You should not go on the internet and compile a list of just any camping checklist. Of course, you can research camping checklists, but you have to put into consideration the kind of camping you are doing. It could be backpacking, camping with kids, canoe camping, social camping, etc. You have to be specific and take note of those things that are specifically important to your trip, and those things which are generally needed in all camping trips no matter the kind of camping being embarked on.

      Advertising

      Here are some tips to help you prepare for your next camping trip.

      1. First off, you must have found the perfect campground that best suits your outdoor adventure. If you haven’t, then you should. Sites like Reserve America can help you find and reserve a campsite.
      2. Find or create a good camping checklist that would best suit your kind of camping adventure.
      3. Make sure the whole family is involved in making out the camping check list or downloading a proper checklist that reflects the families need and ticking off the boxes of already accomplished tasks.
      4. You should make out or download a proper checklist months ahead of your trip to make room for adjustments and to avoid too much excitement and the addition of unnecessary things.
      5. Checkout Camping Hacks that would make for a more fun camping experience and prepare you for different situations.

      Now on to the checklist!

      Advertising

      Here is how your checklist should look

      1. CAMPSITE GEAR

      • Tent, poles, stakes
      • Tent footprint (ground cover for under your tent)
      • Extra tarp or canopy
      • Sleeping bag for each camper
      • Sleeping pad for each camper
      • Repair kit for pads, mattress, tent, tarp
      • Pillows
      • Extra blankets
      • Chairs
      • Headlamps or flashlights ( with extra batteries)
      • Lantern
      • Lantern fuel or batteries

      2.  KITCHEN

      • Stove
      • Fuel for stove
      • Matches or lighter
      • Pot
      • French press or portable coffee maker
      • Corkscrew
      • Roasting sticks for marshmallows, hot dogs
      • Food-storage containers
      • Trash bags
      • Cooler
      • Ice
      • Water bottles
      • Plates, bowls, forks, spoons, knives
      • Cups, mugs
      • Paring knife, spatula, cooking spoon
      • Cutting board
      • Foil
      • soap
      • Sponge, dishcloth, dishtowel
      • Paper towels
      • Extra bin for washing dishes

      3. CLOTHES

      • Clothes for daytime
      • Sleepwear
      • Swimsuits
      • Rainwear
      • Shoes: hiking/walking shoes, easy-on shoes, water shoes
      • Extra layers for warmth
      • Gloves
      • Hats

      4. PERSONAL ITEMS

      • Sunscreen
      • Insect repellent
      • First-aid kit
      • Prescription medications
      • Toothbrush, toiletries
      • Soap

      5. OTHER ITEMS

      • Camera
      • Campsite reservation confirmation, phone number
      • Maps, area information

      This list is not completely exhaustive. To make things easier, you can check specialized camping sites like RealSimpleRainyAdventures, and LoveTheOutdoors that have downloadable camping checklists that you can download on your phone or gadget and check as you go.

      Featured photo credit: Scott Goodwill via unsplash.com

      Read Next