Buying Your First Home

Buying Your First Home

So you’ve been thinking about buying a home in Orlando, and thinking and thinking . . . . In fact, you’ve been thinking for so long, that one place you were interested in sold, and resold, while you considering whether to take the plunge.

For some reason you just can’t make that final decision, but in the meantime you’re wasting money every month on rent.

One of the reasons people have a hard time committing to a mortgage is the fear of the unknown.

  1. What if I lose my job
  2. What if I can’t afford it
  3. What if there’s something I don’t like about the house?

These are valid questions, but luckily there is a way to address all of them.

What if I lose my job? That’s always a concern when you’re making a big commitment like this. The best thing you can do to prevent this being a problem is to have an emergency fund. Ideally you should set aside six months of mortgage payments. This will give you a comfortable cushion while you secure a new job, and you’ll never have to miss a mortgage payment.

What if I really can’t afford it? Do a test run. Partner with a real estate agent and work out exactly what your projected mortgage payment will be. Don’t forget homeowners insurance, taxes, homeowners’ association dues (if applicable) and upkeep expenses. Then live with your new budget for a few months. This way you’ll know exactly what you’re getting into and won’t have to worry about nasty surprises.

If after the fact, you discover something you don’t like about the house, you can always fix it. Nothing is so wrong that it can’t be set right, and if you’ve worked with a realtor, you’ll find out about any problems before you sign on the dotted line.  The bottom line, is do your research, don’t go into a big purchase like this with blinders on.

You should also have a knowledgeable real estate agent help you when you are ready to buy an Orlando home. A knowledgeable Orlando real estate agent will have information about the area, neighborhoods, homes, home prices and schools. And will make your first home buying experience a breeze.

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