The appeal of homeownership is powerful. Buying your first home can be as nerve-racking and overwhelming as it is wonderful and exciting. Your focus might be to create an investment to sell when you retire, or you could be building generational wealth. Whatever the reason you have for purchasing a home, the process involves numerous steps and requirements, but the good news is, you don’t have to go it alone. Here’s some advice that we hope will help you navigate the twists and turns of the home buying process and have you kicking back and enjoying your new McAdams home in no time.
Set a budget. One of the first steps to purchasing a home is taking the time to carefully review your finances, including your monthly income and debts, so you can get a feel for how much house you can reasonably afford. A good rule of thumb is to spend no more than 30% of your income on housing-related payments each month.
Get pre-approval. It can be tempting to jump right into picking out the perfect house, but it’s a really good idea to get a mortgage pre-approval before you start comparing properties. One of the benefits of getting pre-approved is that you know exactly what you can afford, and a seller knows you have the money needed to purchase the home.
Save for a down payment. You should also begin to identify areas of your spending where you may be able to cut back and put those funds in a high yielding savings account. It’s important to start saving as early as possible. One of the most important priorities of the North Carolina Housing Finance Agency (NCHFA) is to help first-time home buyers. From pre-purchase programs and counseling to generous down payment assistance loans with forgiveness opportunities, NCHFA offers plenty of advice and educational support, so you don’t have to go it alone.
Work with a Realtor. A real estate professional can help you find your perfect McAdams home. We offer specially curated communities in the Wilmington, NC area, click here for current incentives. Or if you own a preferred lot, you can choose from our portfolio of floor plans to personalize with numerous design options. Contact us today to get started on your new home journey.