Buying your first home is an exciting decision and a major milestone that has the power to change your life for the better.
As a first-time homebuyer, it’s a vision you can bring to life, but, as the National Association of Realtors (NAR) shares, you’ll have to overcome some factors that have made it more challenging in recent years:
“Since 2011, the share of first-time home buyers has been under the historical norm of 40% as buyers face tight inventory, rising home prices, rising rents and high student debt loads.”
That said, if you’re looking to purchase your first home, here are two things you can consider to help make your dreams a reality.
Being able to pay for the initial costs and fees associated with homeownership can feel like a major hurdle Whether that’s getting a loan, being able to put together a down payment, or having money for closing costs – there are a variety of expenses that can make buying your first home feel challenging
Fortunately, there are a lot of public and private first-time homebuyer programs that can help you get a loan with little-tono money upfront CNET explains:
“A first-time homebuyer program can help make homeownership more affordable and accessible by offering lower mortgage rates, down payment assistance and tax incentives.”
In fact, as Bankrate says, many of these programs are offered by state and local governments:
“Many states and local governments have programs that offer down payment or closing cost assistance – either low-interestrate loans, deferred loans or even forgivable loans (aka grants) – to people looking to buy their first house ”
Today’s housing market provides some challenges for first-time homebuyers But, there are still ways to achieve your goals, like utilizing first-time homebuyer programs and considering all of your housing options
To take advantage of these programs, contact the housing authority in your state and browse sites like Down Payment Resource
It’s a sellers’ market, meaning there aren’t enough homes on the market to meet buyer demand So, how can you be sure you’re doing everything you can to find a home that works for you? You can increase your options by considering condominiums (condos) and townhomes U S News tells us these housing types are often less expensive than singlefamily homes:
“Condos are usually less expensive than standalone houses . . . They are also less expensive to insure.”
One reason why they may be more affordable is because they’re often smaller. But they still give you the chance to get your foot in the door and achieve your dream of owning and building equity. Beyond that, another major perk is they typically require less maintenance. As U.S. News says in the same article:
“The strongest reason for purchasing a condo is that all external maintenance is usually covered by the condo association, such as landscaping, pool maintenance, external painting, paving, plowing and more This fee also covers some internal maintenance, such as gas, electric, plumbing, HVAC and other mechanical systems ”
Townhomes and condos are great ways to get into homeownership. Owning your home allows you to build equity, increase your net worth, and can fuel a future move.
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Last year, trends like touchless doorbells and smart thermostats were all the rage This year, smart tech has gotten that much smarter, and so have integrations into homes Check these out:
Jessica McConnell, director of color, material & finish and product graphics, and global consumer design at Whirlpool Corporation, said that consumers are seeking convenience more than ever when it comes to kitchen appliances. “[There are new] appliances that improve life at home through purposeful, connected features like preprogrammed settings that automatically adjust cooking times and connected apps that send cooking instructions straight to the oven [making] everyday tasks more seamless.”
“Alex Yacavone, design studio manager of trends and CMF at Kohler said that “2023 has been coined ‘the year of the shower ’” Clinton Cardinal, manager of the showering category at Brizo, agrees “There are many options in the market offering a variety of different benefits, but consumer favorites tend to feature a smartphone app to offer the user access to warm-up modes, user presets and more,” he told Forbes Home. “This ensures the user spends more time doing what they want rather than waiting around in the bathroom for the shower to warm up ”
Touchless faucets are the unsung heroes of every kitchen with a messy chef. Not only are they helpful for dirty hands, but Brizo’s Cardinal told Forbes Home that they can even promote hygiene and water conservation. “The touchless feature allows you to interact with your faucet without touching the same handle you used when your hands were dirty, and the faucet is also smart enough to understand when you are near versus far,” Cardinal said “This allows you to conserve water when doing daily tasks like brushing teeth or washing hands by simply moving away from the faucet ”
4. Smart Toilets
Gone are the days of the basic toilet. Kohler’s Yacavone told Forbes Home that “smart toilets are fully mainstream at this point, with a desire for designs that are sleeker,” and in multiple colors besides white Bidets are also making a major entrance into the U S market
5.
Mason Hall, head of connected products and fortune brands innovations at Moen, told Forbes Home that smart tech for water products will be a major 2023 trend. “Much of the home’s water usage is due to outdoor irrigation,” Hall said And that upcoming smart water networks including sprinkler controllers and wireless soil sensors will “take the guesswork out of lawncare and only water your yard when and where it’s needed, with features such as scheduling, independent zone control and weather skip."
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