Definition Of First-Time Buyer: What Is It?

As we said in the introduction, this status could be a person buying a property for the 1st time, but the definition of a first-time buyer is a little more complex. Home buyers refer to people or groups of buyers who have not owned their main residence in the previous two years. This status encompasses all persons who purchase the property. That is to say; if you buy with another person, they must not have owned their principal residence for the last two years.

You have understood that I used the term “main residence,” which means that you can still have first-time buyer status if you have invested in a second home or a rental investment and are a tenant of your main accommodation.

Remember that for your accommodation to be considered your main residence; you must live there for at least 8 months in the year. The definition of the first-time buyer being given, keyrenter Houston offers you some advice for your 1st real estate purchase and some help for your mortgage and repayment.

You Have To Take Your Time When You Are A First-Time Buyer!

The time to take all the good advice like choosing Lease vs Rent and mature your decision. During this period, it is good to talk about it with those close to you who will share their different first-time buyer experiences with us. To take stock of the financial aspects and why not, prepare “an envelope for the loan,” which will make it possible to constitute a personal contribution to have the best bank rate for your reimbursement.

To define the important points that we expect from this future living environment, city or countryside, house or apartment, is this 1st real estate purchase “for life” or to build up a heritage? Once this reflection has been carried out, that’s it; you’re ready to embark on your first acquisition.

Housing Buyers: Do Not Scatter Yourselves

For buyers, everything is important to carry out such a project when buying a first home. But if one step is essential, it is the banker and the loan! It is he who will define the feasibility of our project according to your resources. Even if he is not there to give us information for our 1st real estate, he is there to put our feet back on the ground! Yes, I know, it’s not funny.

However, before blocking all your evenings or your next weekends for buyers, I advise you to go through the bank advisor or real estate broker box, who will help you with your reimbursement. This is to avoid crushes that will remain in the state of dreams and regrets. The banker has given the green light; the budget envelope is validated in principle! Onward to the great adventure.

Post Author: Jayden Logan