Here at Rivington, we offer single-family homes and townhomes priced from the $200’s. Our brand new homes are state-of-the-art and set in a neighborhood that has all the amenities you could want. A community pool with an indoor/outdoor pavilion, tons of neighborhood green space, and trails with room to roam are only the beginning. This makes our community a perfect one to buy your first home in! If you’re thinking about purchasing a house for the first time, congratulations are in order!
Yet, a decision this big is exactly that- a big deal! It’s easy to feel nervous, overwhelmed, and confused. We’re here to help!
#1 Line up your financing
You’ll probably need to save up for a little while before you can finally buy. Three main expenses to consider are your down payment, closing costs, and moving costs. Beyond this, you’ll need to budget and decide upon exactly how much you can afford in your mortgage payment each month. Get approved for this number before you go any further. Of course, when you do get your pre-qualification letter which every builder will require, stick to a mortgage amount you feel comfortable with. Lenders’ rates are low right now but vary based on type of lender, your credit score, and a few other factors. Don’t stretch yourself too far on your first home! You’ll need some cash after you move in for furniture, decor, upgrades, and furnishings. Don’t forget to budget for homeowners association fees too.
#2 Research first-time home buyer assistance programs
If you’re nervous, it is okay. The government knows this and tries to make it a bit easier to take that major first step. Florida offers some pretty great first-time home buyer programs, which often combine low-interest-rate mortgages with down payment assistance and closing cost assistance. Tax credits are also available through some first-time home buyer programs.
#3 Pick the right type of home
Weigh the pros and cons of different types of homes given your budget, preferences, lifestyle and long-term plans. A townhome may be more affordable than a single-family home, but shared walls with neighbors will mean less privacy. You want to love your home and be proud of it, but remember that most people don’t live forever in their starter home. Think about your current living situation and long-term needs. If you plan to start or expand your family, it may make sense to buy a home with extra room to grow. On the other hand, if you plan to live in the area for only a few years or you’re retiring, a townhome may be perfect.
#4 Buy adequate home insurance
You don’t need to be reminded how often we’re told a hurricane is heading our way! Your mortgage lender will require you to buy homeowners insurance before closing the deal. This type of insurance covers the cost to repair or replace your home and belongings if they’re damaged by an incident covered in the policy or if you’re held responsible for an injury or accident. This isn’t the place to save a few dollars. Be sure you buy enough home insurance to cover the cost of rebuilding the home if it’s destroyed.
Buying your first home is so exciting! While the process can feel overwhelming initially, this list is a great starting point!