Tips For First-Time HomebuyersPosted 04/09/2015
With the rise of rental prices and lower mortgage fees, more and more first-time homebuyers are diving into the housing market. Earlier this year, the Los Angeles Times reported that first-time homebuyers are finally “sticking a toe in the water” after what appeared to be a belated entry into the market. RealtorMag even labeled 2015 as the “Year of the First-Time Home Buyer.” While the peak season for home buying is between mid-March and mid-April, many new buyers showed interested even sooner, making up around 57 percent of home tours conducted by agents in January.
Though the home buying process may seem overwhelming for a first-timer, there are a few key things to know to make that first jump just a little easier:
So, where do you start? Where you want to live, of course! According to WalletHub in a 2014 list of Best and Worst Cities for First-Time Home Buyers, Arizona’s own Surprise, Chandler, Peoria and Tucson ranked among the best. But the zip code is not all that counts. The location of your home is one of the most vital decisions in purchasing, from the city selected to the proximity to grocery stores to school districts. Be sure to explore the lifestyle of the area and not just the location on a map.
How much can you afford? Whether buying a car or a 3-bedrom home, it’s important to know where your finances lie, as well as knowing the status of the local real estate market. From credit scores to savings, talking with a professional can also help sort some of the details out and give a baseline for how much home is actually affordable. Maracay Homes offers in-house financing options for homebuyers with Tri Pointe Connect. With competitive mortgage products and personalized service, the program aims to make life easier and ultimately, streamline the home-buying process.
It’s all in the details. When looking for a home, pay attention to the little things. They may add up to be very big things one day. For instance, are there new designs or eco-friendly features that could cut utility expenses? The NAHB recently polled homebuilders and millennials asking what features or design elements they planned to incorporate into their homes this year. Of those surveyed, a majority of their lists included energy-efficient homes with green building materials. A little change, like water-saving faucets or low VOC paint, could mean a whole lot of difference in the environment, the bills and ultimately the health of the homeowners and their loved ones.
Build your own or buy move-in ready? It is important to survey the available inventory and determine whether an existing property or custom build is better for the budget. There are many advantages to buying new, as opposed to moving into an older, existing home including energy-efficient upgrades and the ability to customize. At Maracay, we provide a variety of move-in ready homes throughout the Valley and Tucson, but also offer buyers the opportunity to create their dream home, from the nooks and crannies to the outlets and recessed lighting with our FlexDesign® program. Consider costs, timeline and longevity when determining which type of home products suits individual needs.
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