Tips for the First Time Home Buyer

Saving to Buy a Home for the First Time

Buying a home is one of the biggest decisions and investments you’ll make in your lifetime. While exciting, buying a home can also be very intimidating. From choosing your ideal location to making an offer to the sellers, there are steps you can take to make you’re prepared.

Determine Your Budget
Before you start looking for your dream home, it’s highly recommended that map out and calculate exactly what you can afford. Remember to include factors such as homeowner’s insurance and all your utilities. You may also be required to pay HOA fees which vary depending on where you choose to live.

Start Saving Early
Once you determine your price range, it’s time to start saving for a down payment. It’s common to put 20% down, but many lenders allow as little as 3% down. Keep in mind, if you put less than 20%, you may be required to pay mortgage insurance on top of everything else. If you’re struggling to come up with enough money for your down payment, look for first-time buy programs that offer extra assistance.

Check Your Credit
One of the key factors to being approved for a mortgage is your credit score. There are many sites that allow you to check your score to give you a good idea of where you stand. If you have less than stellar credit, pay off any outstanding debts and consider using and paying off credit cards on a regular basis to improve that score. Unless absolutely necessary, avoid opening any new lines of credit at this time as they have the potential to drop your score temporarily.

Do Your Mortgage Homework
There are several options when it comes to choosing a mortgage. From the standard 30-year fixed rates to potentially riskier adjustable rates, you should check with your lender to explore your options and ensure you’re making a wise investment. Once you determine which mortgage rate is right for you, get quotes from at least 3 lenders to compare costs and fees.

Don’t Forget the Closing Costs
In addition to saving for a down payment, you’ll need to have enough in the budget for your closing costs. These typically range from 2-5% of your loan amount. You can frequently negotiate with the seller for some assistance in this department, but you should set aside enough to afford these fees.

Buying your first home can be overwhelming, but when you’ve done your homework, you’ll be packing those boxes and moving in no time. Next up, decorating your new space!


How To Choose A House With Good Resale Value

Home buying process

Buying a house requires a lot of careful thought and consideration of numerous factors. On top of all the questions you have to ask yourself about your own personal needs for your home, you also need to have in mind the possibility of moving again in the future and needing to sell the house. Here are some suggestions from your friends at Advanced Waterfront to help you make the best choice.

  1. Location

You’ve probably heard this word often, and in threes. “Location, location, location” is a phrase relevant to everyone from movie directors to home buyers, and especially home buyers. Choosing a home in a convenient, desirable location will mean an automatic boost to its resale value. Not only will it be worth more, it will be much easier to sell, as there is always demand for such homes.

  1. Bedrooms

After location, much of the resale value for a home will come from the arrangement and number of rooms, beginning with bedrooms. If your house is one with a lot of bedrooms in an area where most houses don’t have many bedrooms, you’re in a good position. More bedrooms isn’t the be-all, end-all of value indicators, but it’s a solid one.

  1. Bathrooms

Right after bedrooms, most homebuyers want to know how many bathrooms are available. Generally speaking, one-bath homes are expected to be a lot cheaper than homes with more. Of course, if you’re buying such a home, then you’ll also probably be spending less on it, so the relative resale value might be a good one for you.

Our team of experienced realtors is at your service to help you choose a home that suits your needs, and will allow you to re-sell at a great value. If you’re looking for waterfront property in the Connecticut and Long Island Sound area, contact us today and let us help you find the perfect home for you.

What’s Most Important When It Comes to Buying a Home?

View from inside of family entering new home

There’s a lot of things that people want out of their home. For some, the neighborhood is the most important part. For others, it’s the square footage. Some can’t live without a view and others just want to have an open concept kitchen.


When it comes time to go house hunting, it’s important to consider everything that you want. Make a list and order your list from most important to least.


No matter what’s most important to you, our team of experienced realtors is here to help. If you’re looking for waterfront property in the Connecticut and Long Island Sound area, contact us today and let us help you find the perfect home for you.

How to Build Credit Before Buying a Home

person holding laptop with Credit Score on screen

It’s important to build good credit, especially if you’re planning on buying a home. Whether you start off with bad credit, decent credit, or no credit at all, here are some tips to help you build it up.


Through a credit card: Open a credit card account or work with the account(s) you have. Avoid putting charges on the card if you don’t have the cash to pay it off. Always make your payments on time and pay off the entire balance.


Through a loan: If you don’t have or want a credit card, loans like student and car loans can also help you build your credit. When you purchase a car, be sure the cost will fit in your budget. Be sure to pay your loan fees on time.


Ready to put your good credit toward a waterfront home in Connecticut? Contact us today to find the home that’s right for you.

How to Budget for a Down Payment

Hand putting more money in jar labeled Down Payment

Home ownership is a dream for many, but it usually doesn’t happen overnight. There is a lot of planning and budgeting and saving that has to be done before the process can even begin. Here’s the steps you should take to start saving for a down payment:

  • Figure out how much you need to save.
  • Determine how long you have to save before you buy a house.
  • Adjust your budget (and spending habits) as necessary.
  • As you save, put the money for your down payment in a place separate from your spending money.

Ready to start your Connecticut or Long Island Sound home search? Our experienced agents can help you find the home that’s right for you. Contact us today.