The challenge of buying a home can be daunting, especially if you are a first-time home buyer. Not only is this going to be one of the biggest purchases you will ever make, it will be one of the more complicated ones fraught with unexpected turns and complicated processes.

Of course, buying or selling a house with Bayou Properties, property management and real estate specialists in Houston, means you are assured that we do our absolute best to ensure a smooth process. If you are a first-time home buyer, here are a few tips to keep in mind.

Start Saving Early

It is common to put down 20 percent of a home’s value at closing. There are many lenders who permit much less and there are first-time home buyers who can utilize programs whereas little as three percent down is required. But putting anything less than 20 percent down may mean higher costs in mortgage insurance. So you may want to keep that under consideration.

In any event, saving money is always a good idea, especially if you are becoming first-time homeowners and will want to make your new home look grand and feel homey with new furnishings.

Get Qualified

Before you start shopping for your home, you will want to know how much you can spend. While you might think you can afford a home valued at $500,000, a lender may think you are only good for $350,000.

There is a lot they take into consideration when determining what you qualify for including debt, income and how long you have been at your current job.

Another thing you need to consider is how much you can actually afford to pay for a home. Even though you might qualify for $400,000, you may not want to spend that much. There are many things you need to think about when buying a home and not just the monthly mortgage payment.

For example, you need to consider the taxes you will have to pay for the house, insurance and any homeowner’s dues that you will be responsible to pay. You also need to keep in mind that after you buy your first home, you may want to do some remodels or buy new furnishings.

Pause Credit Activity

Whenever you open a new credit account or take out a loan for a car or something similar, the lender will run a hard inquiry, which can temporarily ding your credit score. You will want to do what you can to keep your score from falling.

Set Aside Money for After Your Move

There are many joys in owning your very own home, there are also a few headaches that can crop up. Unless you are buying a brand new home, you are getting a home that in all likelihood has a few dated components.

This means that several months after you move in, the refrigerator could start acting up or your water heater conks out. These things happen you know. And when you were renting, you simply called your landlord or property management company and had them deal with it. But as a home-owner, these little headaches are yours to deal with.

Discover What Type of House Will Suit Your Needs

There are many choices you need to make when searching for the perfect home. You need to decide how big of a house you want, how many bedrooms are enough and you need to be in a neighborhood you like.

You might prefer a ranch-style home, but would buy a condo if it fits your needs. You are pretty handy with your power tools and may greatly benefit in buying a fixer-upper. On the other hand, maybe you are the type who doesn’t even own a saw and the home you buy must be in excellent condition.

You need to take a close look at your needs and desires and figure out what type of home you need before you go out and start looking.

Let the Little Things Go

When buying a home, it is all too easy to get caught up in superficial details like fixtures, paint color and flooring. These are all things that can be easily changed once the home is yours, so don’t sweat it.

If you are in the market for a home to call your very own, give Bayou Properties a call.