First time Home Buyer - What to Ask? What to consider? What I learned?

You've thought about it for so many times and you think you are ready BUT are you?

Year 2009, we are 1st time home buyers like you. We thought we are ready and we finally saw a house that we thought is the "right one" though in my heart i feel it is not "the one", it's just that the price is right and maybe that is enough reason for us to buy it. Then I had my 1st kid after 9 days we moved in our home and that's when we start questioning if we did the right thing. So before you take the plunge I hope you get to read this post and if you answer "POSITIVE" with most of them, then I think you are ready and hope that you wont regret it like we did.

What to ask/do? What to consider? What I learned?

• Check your credit report and see if your score is high enough that lender will trust you, let you borrow and allows you to get a lower rate.
• Is your work stable? I asked this coz after 3yrs of moving to our house then house my husband got laid off and the uncertainty follows.
• If things goes bad (laid off, health) do you have enough savings to cover payments for at least 6 months (ideally at least a year)
• Are you looking for a bigger house (more utility bills specially if you live where winter gets really cold), bigger lot (can you maintain it - i mow our yard 1hr+ per 2 weeks and do a lot of yard work every day), close to work (how bad is the traffic in the area - is it worth driving that far), school, groceries, hospital? what are you willing to give up for "that" house.
• If you just got married, how soon are you planning to have kids? If you have kids, do you prefer a neighborhood that have kids too, close to school or you dont care at all. I asked this coz when we moved to our house i was just pregnant, I didnt consider any of this and didnt realized how much it will impact my child when he was born. So he end up aloof and dont like much friends around coz we live in an area where most kid friendly place are at least 30min drive and the neighborhood we lived in was mostly older people and prefer to stay home alone. YES, I regret it more after that.
• Now that you asked the important questions, look for a good lender and ask for your options. Compare how much you will save over time based on the options you are given. This site is a great one to use to compare loans on your own.
• Look for at least 3 great lenders and compare the options they give you. Let all of them know you are shopping around so they give you a good rate + lender credit too. 
• Don't be afraid to question/negotiate not only to lender but also the realtor and the seller (in case you found the house already.
• Once you get approved, look for the house below what the lender says you can afford. If they say you can borrow $300K dont go up there coz you want to make sure you can afford it while saving for retirement too.
• Look for the house. Study the neighborhood and see how much they value and how many have foreclosed. This will have a huge effect on your property (owning and selling wise)
• Asked around and have a feeling if that neighborhood is the one you wanted to live.
• Dont settle yet with just one realtor. I said this coz sometimes they tend to be nice in the beginning but later becomes very hard to deal with when closing is getting near. Also, if you use the seller's realtor you have less dealing with price drop with the seller since they dont have to share the commission with nobody but themselves.
• Dont be afraid to ask if the seller can pay the closing cost so you dont have to. If they resist you can ask for a discount instead or something else (like keeping the appliances or fixing something else instead)
• Dont rush when looking for homes. It will be ideal to schedule just 2 home per day/meeting if possible. I said this coz this way you dont have to feel being rushed and you can really look at the property and see what improvements is needed or if its really a good buy.
• When you found a house or two that you wanted. Ask your realtor if you can see it once in the morning and once at night. The time of day make a huge impact on how you feel about the house. Sometimes the weather, lighting or mood makes a huge impact on your decision and you wouldnt want that to be the reason why you pick your home.
• It is also great to find out, previous owners or history of the property.
• Lastly, can you envision yourself and your family in that home for a long time. Does it feel HOME? If so, then welcome home! you found the ONE and my congratulations for finding it!

I would love to hear from 1st time home buyers as well? What are your thoughts? 

Thank you for your time and I hope I get to help you even a little bit.

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