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Checklist for First-Time Home Buyers

Preparing to purchase your first home is usually a thrilling experience. However, when looking at the process as a whole, it can seem a bit overwhelming. Taking it step by step makes the process much easier. A checklist for first time home buyers can help move from creating a sensible budget to finding a suitable home within that budget and finally, to signing the mortgage.

First Time Home Buyers Checklist

Know what you can afford and manage the budget.

Nothing is more important to the first time home buying process than accurately assessing how much home you can afford and calculate a mortgage that fits within your budget. A mortgage of not more than 2.5 times your household gross yearly income is a nice benchmark. Consider your financial scenario and factor in any of you and your partner’s current debt.

Remember, owning a home is a commitment, and you must plan to live in it for about five years to receive the benefits of equity.

Control Credit/Debt

One of the most powerful ways to save cash on your mortgage and enhance your financial picture is an excellent credit score. It can take some time, so make refining credit your priority for you and your partner, if applicable.

Take note; you’re eligible for a free credit report once a year from all three credit bureaus. Make sure to check the reports for any faults and guarantee that all your bills are paid on time. New credit accounts can impact your score as well. Try not to open new lines immediately after applying for a mortgage.

Have Savings/Down Payment Money

Making a 20% down payment is a perfect way to receive initial equity in your home and prevent having to pay mortgage insurance. It’s not needed to qualify for a home loan, but will save you money in the long run. You can also find different local and state down payment assistance programs accessible to first-time homebuyers. Just keep in mind to borrow within your means.

Create/Fine Tune and Stick to A Budget

After you find the ideal home for your needs, it is time to get down to the business of making the purchase. Determine how much you’re willing to pay for the house, make a genuine offer and stick to your budget. Anticipate negotiation, but try to refrain from lowball bids which could risk frustrating the seller. If you prefer to make a bold statement of interest, you can consider an earnest money deposit along with the offer.

Get Pre-Approved, So You Know What Size/Price Home You Should Be Looking For

Mortgage preapprovals help you determine how much you can afford. It also puts you in a dominant negotiating position with a home seller. Preapproval is different from prequalification. Prequalification is only an estimate from the lender of how much they’d be willing to lend you depending on various factors. Sellers tend to prefer homebuyers who are preapproved. It makes the financing and closing procedure move more smoothly.

Buying your first home is a major life event for most. Careful preparation and a methodical approach is always the best course. It will make all the difference as you take that first walk across your very own threshold.

The latest product trends for new home construction

Now is an exciting time to build a new home. Beyond advances in building technology and energy efficient materials, current product and home plan design trends are making today’s new homes quite remarkable. These products include unique patterned flooring, wide bi-fold/sliding doors, free standing bath tubs, interior shiplap siding, exposed beams, and bold and bright paint color schemes.

Gone are the days of boring home floors. Patterned wood and tile have made their way into homes across the nation. From fumed wood, which dramatically enhances the grain, to blanched wood for a distressed but clean look, wood flooring has taken a prominent step forward. We’re seeing mixed-width planks used to create distinct patterns to the more traditional herringbone arrangement. Marble, slate and ceramic tiles with patterns and textures are also being used to create floors that are an integral part of the home decor scheme.

New door trends are also finding their way into homes these days. What was once just a utilitarian item has now become a unique design feature. Incorporating wide sliding glass doors or large bi-folding doors into the design of home plans with covered porches, patios or decks provides living spaces with natural light and more generous views. Weather permitting, opening these wide doors also extends the home’s living space to the outside creating large, flowing floor plans perfect for entertaining and family gatherings.

In the master bathrooms, the large soaking tubs are breaking free from their typical built-in platforms as the stand-alone tub is fast becoming a hot new item. These free standing tubs, both tranquil and beautiful, make a great design focal point and many master bathrooms are being designed around these icons of luxury and relaxation to create a more spa like feel. With this increased interest, many companies have designed a wide array of tub styles that are both sculpturally beautiful and affordable.

Another trending design element made popular by the modern farmhouse plan is the use of shiplap siding as an interior feature. Bringing this common exterior finish to the inside of the house gives instant character to any space. Whether used as an accent on a fireplace or covering the walls of a room, shiplap siding provides clean, simple lines that exemplifies the “less is more” design concept while impacting the home’s aesthetic appeal.

Next on the new product trend list are exposed beams. Inspired by the roughhewn beams of old barns and traditional farm houses, leaving these bones of the ceiling exposed, adds texture and depth to family rooms, keeping rooms, bedrooms and even kitchens. Architecturally, this technique can work in many different home styles from farmhouse traditional to modern. Whether made from reclaimed or new timbers, exposed beams celebrate the engineering of a home while bringing the ceiling into the forefront of the design pallet.

And finally, what’s new on the home construction front wouldn’t be complete without a mention of trending paint colors. Bold is back. Striking paint color choices like dark navy, rich golds and berry reds are finding their way onto the walls of new homes. Homeowners are embracing intense color schemes, from deep earth tones to vibrant jewel tones, to establish personality and character for their rooms.

All told, conventional home construction has made way for a brave new world of exciting product trends. These products help create a new home that breaks from the norm and better fits the needs and style of the individual family. More than ever, the home has become an extension of a family’s lifestyle. These trends help enable that expression.