How to Buy a First Home

Rebecca Brayton: Just because you’re good of monopoly doesn’t mean you’ve got what it takes to buy your first home without any help. Hi! I’m Rebecca Brayton and welcome to watchmojo.com and today in part 1 of our interview with Sandra Rinomato, host of HTTV’s Property Virgins. Will be checking for little realty check, what are some things to consider when buying a first home?

Sandra Rinomato: Well, I think you have to consider where you are in our life right now. So, if for example you’re about to start a family then it’s probably not a good time to buy that one bedroom, open concept, urban funky loft. Conversely, you don’t necessarily need that three bedroom family home if you are a single person and you don’t have any intention in growing your family right now.

Rebecca Brayton: What are some things that first time home buyers underestimate when they go to buy house?

Sandra Rinomato: Oh, the cost. They might overestimate what kind of real estate there going to get and there perceptions are sort of a little out of whack but definitely the finances are super important. I think you absolutely have to figure out what you can afford every month and then don’t under estimate the cost of caring a home it’s not just mortgage. There are real estate taxes that have to be paid; there are utility bills that have to be paid. New roof that means to be put on, a fence that needs to be built things like that. So, make sure you factor in those cost into your budget and asks your realtor to help with that. But one thing you shouldn’t underestimate is if you are buying a house with a partner, the two of you need to be on the same page. So, you need to have open communication and really analyze what is important to you for real estate. You know how you are going to use the property and then tailored it out.

Rebecca Brayton: How do you decide how much you can afford?

Sandra Rinomato: This is a great thing to do, so you’re thinking about buying a house. So what you should do for one month and it’s really hard to do but it’s so worth it because everybody that’s done it has been shock. For one month track everything you spent, at the month you will have to budget that and you will see what you spent and then you put your rent in there, your car expenses and everything that’s static that it doesn’t change. You add all that up and you subtract it from your income. Hopefully, your income is a bigger number and if it is you look at that surplus number and you say “Okay, this is what I’m prepared to spend on home ownership”. Take that number two, a mortgage consultant and say “Translate that into a mortgage figure is that $300,000.00 is that $200,000.00 mortgage what is it?” And then you’ll know how much you can afford to spend on the house, you’ll know what you can afford monthly, which is far more important than the big number or $200,000.00 or $300,000.00 whatever your mortgage amount is.


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