Five things I wish I knew before buying my first home in Towson comes from a discussion I had with a potential client who is considering selling their current first home and buying their next Baltimore home. They were referred to me recently. We didn’t know each other when they bought their first home.
Here are five things they wish they knew before buying their first Towson home:
- Search and Choose a Local Real Estate Agent. Ask friends or family members who have bought or sold houses if they live in your area. Contact recommended agents. Search online. Interview them! You can start with a phone call or meet in person to find out if you match well.
- Get Pre-Qualified for a Mortgage Before Looking at Homes. Even Online. Yes, really. Why? If your price range is significantly different than what you thought based on “online mortgage calculators,” you may be disappointed in what you may be able to actually afford. Also, please note that what you may qualify for “on paper” and what you may be truly comfortable with in terms of monthly payments may be very different.
- Keep Some Money in Savings for Unexpected Expenses. Even if appliances and mechanics are in working order when you buy the house, it doesn’t mean things won’t break, and emergencies can happen. A good example of this is the day after my family bought a house, the hot water heater stopped working. It worked at the walk through the day of closing. Luckily we had funds in reserves for an emergency.
- Think About Your Long-Term Goals. How long are you planning to stay in your new home? Make sure to take that into consideration when deciding on how much you want to put down on a house, how much you want to mortgage, and consider the costs associated with buying and selling a home both now and in the future.
- Location, Location, Location. Now that you have thought about the financial considerations, found your agent and your mortgage lender, you need to figure out the location where you would like to live. Think about proximity to work, and again, considering long-term goals, do you plan to work at that location for a long time? What distance are you willing to drive? What are you looking for in a neighborhood? How close to shopping, restaurants, schools would you like to be? Consider your lifestyle and work with your agent to figure out what areas may fit your lifestyle that are within your budget.
Are you considering buying a home in Towson, Timonium or the Greater Baltimore area? I would be honored to be of service. Contact me today to help you buy your Timonium home!