Bachelor Guide To Buying
Hey fellas, thinking of making that next step of purchasing your first house? This guide will help you through the process. Owning your own home is something to be proud of and brings with it much value and freedom. I hated knowing that I was paying rent and gaining no equity from my monthly payout. The owners and investors of my rental home/condo were making bank while I was overpaying. It’s time to get out of your parents’ house, and out of the apartments and rentals and start building some equity in your own home. We take pride in helping bachelor’s find their first place to call their own and make memories. Here are some tips and advice we offer to our single guys buying their first home.
1. Down Payment and Loans
The best advice we can give is plan to SAVE up some money for a down payment! Depending on what loan you choose, there is a requirement for a down payment of at least 3.5% for FHA loans and up to 20% down payment for some conventional loans. Do the math and see what you can afford within a set timeframe, or make a goal and save up.
TIP! – First time home buyers in Florida are eligible for assistance with the down payment of their first home. Qualifications to receive this down payment assistance program differs from county to county. Use this site: http://floridafirsttimehomebuyer.info/ for more information on requirements for each county.
2. Finding Your True Needs and Wants
What is the ideal first home for you? Two story home on the lake with a boat dock and an infinity pool?…this is a nice dream home for us guys but is it the smartest choice? Imagining your best fit home isn’t easy for most, so start with the basics. How large of a house do you need to feel comfortable in? Do you need two or three bedrooms, if so, why? Do you need the most updated kitchen and game room? Write down a list of must-haves and a list of nice-to-haves then really ask yourself if those wants are all feasible for your first home and what you expect to pay for a home. Most guys do not live in their first home for 20+ years so think of some of the basic needs now and plan to move up and buy extras later.
3. Don’t Spend Your Maximum on the Purchase
What we mean by this is the bank/lender might give you a higher pre-qualification amount than you expected, but this doesn’t mean you have to spend that maximum amount. Keep in mind that you might have to remodel some areas of the house, or add some cool touches to make it more your taste and style. Again, stick to the basics and you can build from there once you have a good foundation.
TIP! You may qualify for a tax savings on your house via the Florida Homestead Exemption. This exemption can reduce the taxable value of your primary home up to $75,000. Some requirements for this exemption include that the lot of your house must be less than half an acre (when located inside the city) and be your primary residence.
4. Prime Location Spots
Central Florida offers bachelor’s many awesome cities to live in including Orlando, Lakeland, Clermont, and Winter Haven, but which is right for you, and why? Take a look at our County/City page to explore some areas that might interest you. Already have an idea of where you would like to live, awesome! Here are some additional questions to keep in mind when searching for a place to call your own. What hobbies/places of interest do you have? Do you want to be within walking distance to local pubs, restaurants, or coffee shops? Enjoy riding your bike or jogging around a lake? Keeping these factors in mind when looking for a home can help narrow your search area down to specific neighborhoods or parts of a city.
5. Drivetime to Work
Not many people enjoy driving over an hour or so to work, so think of this when buying your next home. How far is too far? Do you want to look within a couple blocks or under 10 minutes from work? Do you want to avoid I-4 and other major highways or not have to pay tolls? Factoring in the commute can save hours each week if you were to live closer to work.
6. Man’s Best Friend
If you’re like me, my dog is my best friend and deserves a “say” in my home selection. Have a larger breed dog that enjoys running around outside? Need a fence or specific kind of flooring in the house because they dirty the carpet too quickly?
Enjoy working on cars or have any hobbies that require leaving cars, boats, or other items in the front or back yard? If your hobbies include any of these, you want to make sure the neighborhood you pick does not have a Home Owners Association (HOA) with strict rules against this. For more information on HOA’s take a look at our guide: First Time Home Buyers “How To” Guide