First-Generation Homebuilding Advice

     Being a first-generation homebuyer is a huge accomplishment. The same goes for first-generation homebuilding. AJ Barkley, Head of Neighborhood and Community Lending for Bank of America, says: “Achieving this goal can create a sense of pride and accomplishment that resonates both for the buyer and those closest to them, including their parents and future generations.” 

     Homeownership leads you down a path of generational wealth. This will give you the ability to establish a financial foundation for your family along with future generations. Choosing to build a home with Faber Builders will set you up for success. As you begin the homebuilding process, here are some tips that will help you reach your goal:

1. Get in touch with a Sales Professional:

     You need a trusted advisor early in your process. Here at Faber Builders, we have great salespeople who take pride in giving you the best homebuilding experience. They will serve as an expert while they answer all your questions to help you find the home that best suits you and your family’s needs. You also have the option to bring a realtor! They can be another eye throughout the process to ensure you are getting the best deal. The latest Profile of Home Buyers and Sellers from the National Association of Realtors (NAR) surveyed first-time homebuyers to see how their agent helped them with their home purchase (see the chart below): 

     The graph shows how helpful a real estate agent can be. They help you understand and negotiate contracts with the best possible terms, along with assessing the condition of a home. Having an expert along with you on your journey will help you have a positive experience as you make one of the most significant purchases in your life. 

2. Research and understand what you can afford

     Another piece of advice is to do your research and know what you can afford. Get finances in order, review your budget and what you are comfortable spending, and get pre-approved by a lender! Learn the ins and outs of what it takes to pay for your home. This also means knowing what you are going to need for a down payment. Here at Faber Builders, Inc. we require a 10% down payment. There is a common misconception that you cannot purchase a home without having a 20% down payment. According to Freddie Mac “the most damaging down payment myth – since it stops the homebuying process before it can start – is the belief that 20% is necessary.” Your down payment, along with building your dream home, are closer in reach than you probably thought. 

3. Do not lose sight of what home means to you

     Finally, remember why you are looking to build a home in the first place. Building a home gives you the ability to customize it to your wants and needs from the beginning. Homes from the ground up give you a sense of comfort knowing everything is new and updated for safety.

Bottom Line

     The bottom line is that being a first-generation homebuyer/homebuilder is a huge accomplishment. Ensure that you are working with a trustworthy advisor and be prepared. This will help you achieve your dream. Contact Faber Builders today so we can set you up with a salesman that will help you choose your dream home. 

The post "Advice for First-Generation Homebuyers" was originally posted on the Keeping Current Matters website.