Buying a home for the first time is an exciting process. It can also be somewhat intimidating, especially if you don’t know what to expect. You’ve saved for a long time for your new custom home, but there are some other things you should be aware of before signing that contract.
One of the most tedious parts of the home buying process is gathering all of the documents that your lender will require. Income tax returns, bank statements, pay stubs, and many, many more. You should also be able to document exactly where the money for your down payment came from. They do this to make sure that you didn’t borrow the money and have to pay that back as well. When you’re applying for a mortgage, your lender will pick apart your spending and savings history to make sure that they are making a sound investment.
Expecting Unexpected Expenses
If you’ve just been renting your home up until this point, your landlord probably covered a lot of maintenance expenses for you. Water, trash removal, lawn care, and snow removal are often included in the price of your rent. As a homeowner, you will need to budget for these expenses and more. For example, if your washer breaks you won’t be able to just call maintenance to come and fix it. You will have to call the repairperson and pay for repairs or a replacement. For these expenses, it is wise to make sure you have something saved up just in case.
Homeland Builders wants to help you build your dream home!
Homeland Builders is honored to help you build your dreams. We proudly serve the custom home needs of families throughout Anne Arundel County, Calvert County, Queen Anne’s County, Prince George’s County, Saint Mary’s County, Montgomery County, and Howard County. If you’re located in Maryland and have a vision for the perfect home for you and your family, don’t hesitate to give us a call at 443-336-1163 or email us at firstname.lastname@example.org today, and we will be happy to answer all of your homebuilding questions. Let us provide you with our complimentary consultation to discuss your project design and budgeting requirements.