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How Young Families Should Prepare for Their First Home Purchase

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:

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  • 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:

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    • 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

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    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.

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      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?

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      Last Updated on July 12, 2021

      100 Incredible Life Hacks That Make Life So Much Easier

      100 Incredible Life Hacks That Make Life So Much Easier

      Want to learn some quick and easy life hacks that are easy to do, low cost and saves you time?

      By tweaking little things in your daily life, it can make your life much more convenient!

      Here’re 100 of the most practical life hacks so you can just pick up any of them right away!

      83 tie a small piece of bright colored fabric

        84 write random letter

          85 use a rubberband

            86 dorm smell bad

              87 lean your phone on your sunglassess

                89 how to waterproof your shoes

                  90 take a picture of the name card

                    91 iron inside out

                      92 old newspaper

                        93 tumble try shoes

                          keep a card like this

                            SONY DSC

                              94 soap bar

                                95 make a hole

                                  96 drop the battery

                                    97 use a coozie

                                      98 when taking a picture

                                        use a clean dust pan

                                          try a pants hanger

                                            use your cellphone light

                                              use a spring from an old pen

                                                quick and easy iphone speaker

                                                  user binder clips

                                                    wrap a wet paper towel around your beverage

                                                      put pancake mix in a ketchup bottle

                                                        clean out an old lotion bottle for your beach

                                                          use a muffin tin to serve condiments at a bbq

                                                            doritos are great for kindling

                                                              use nail polish to identify different keys

                                                                use a hanging shoe rack to store cleaning supplies

                                                                  freeze grapes to chill white wine without

                                                                    use paper clips to organize your cables

                                                                      almost finished your jar of nutella

                                                                        sick of having a box full of tangled

                                                                          unroll the rim to increase the capacity

                                                                            cut open toilet paper rolls and use as a cuff

                                                                              remove the stem from strawberries

                                                                                turn an old bottle into a simple little cord holder

                                                                                  for iced coffee and iced cappuccino, use frozen coffee cubes

                                                                                    how to fold a fitted bed sheet

                                                                                      tired of snoozing past your alarm

                                                                                        place a rubber band around an open paint can to wipe your brush on

                                                                                          ut a wooden spoon across a boiling pot

                                                                                            use bread clips to save flip-flops

                                                                                              take pictures of friends holding items

                                                                                                how i always know which headphone is the left one

                                                                                                  put a stocking over the end of a vacuum

                                                                                                    How to make sure you drink enough water

                                                                                                      user a can opener to open blister

                                                                                                        good sandwich guide

                                                                                                          turn your muffin pans upside down

                                                                                                            50 pounds of groceries and living on the 5th floor

                                                                                                              the right way to make a blt

                                                                                                                add one teaspoon of baking soda

                                                                                                                  38

                                                                                                                    hair straighteners equals to collar irons

                                                                                                                      stack your clothes vertically to see them all

                                                                                                                        the right way to make cookies in the summer

                                                                                                                          how to clean a blender

                                                                                                                            the right way to eat a popsicle

                                                                                                                              use bread clips to label and organize power cords

                                                                                                                                to get the built up residue off of your shower head

                                                                                                                                  user a hair clip to orgainize long wires

                                                                                                                                    a frozen saturated sponge in a bag

                                                                                                                                      rub stuck zipper teeth with a graphite pencil

                                                                                                                                        use a soda pop tab

                                                                                                                                          50

                                                                                                                                            51 How to multiply large numbers in your head.

                                                                                                                                              52 How to open a bottle if you dont have a corkscrew.

                                                                                                                                                rub a walnut on damaged wooden furniture

                                                                                                                                                  kids fall out of bed

                                                                                                                                                    use toothpaste to clear up hazy car

                                                                                                                                                      58

                                                                                                                                                        59 keep pizza out while driving home

                                                                                                                                                          60 put your straw through the tab to keep it from rising

                                                                                                                                                            hold oreos with a fork so your fingers

                                                                                                                                                              Never lose your remotes again

                                                                                                                                                                hiding your emergency money

                                                                                                                                                                  use a bread tab to hold your spot on a roll

                                                                                                                                                                    if you are at a hotel and run out of chargers

                                                                                                                                                                      keep a square of cardboard in a ziplock bag

                                                                                                                                                                        If you need to pee or smoke at a bar

                                                                                                                                                                          drill holes in the bottom of your garbage

                                                                                                                                                                            use an accented letter as your passcode

                                                                                                                                                                              use a squeeze ketchup bottle top with your shopvac

                                                                                                                                                                                do something unusual when locking the door

                                                                                                                                                                                  when heating leftovers space out a circle in the middle

                                                                                                                                                                                    dont burn yourself in those hard to reach candles

                                                                                                                                                                                      put a small amount of water in a glass when you microwave your pizza

                                                                                                                                                                                        75 use a piece of paper to organize

                                                                                                                                                                                          use half a pool noodle

                                                                                                                                                                                            pencil case to store cables

                                                                                                                                                                                              78 clothespin to hold nail

                                                                                                                                                                                                79 make blts

                                                                                                                                                                                                  80 take a picture of your fridge

                                                                                                                                                                                                    81 fill plastic water bottles

                                                                                                                                                                                                      82 right ways to eat chips

                                                                                                                                                                                                        99 if your plug keeps failing

                                                                                                                                                                                                          100 put the banana on the wire

                                                                                                                                                                                                            88 before you throw away a post it

                                                                                                                                                                                                              Source: Reddit LifeProTips

                                                                                                                                                                                                              There you go, 100 awesome life hacks that you can try right now to make your life a lot easier!

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