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The first time you buy a home, you’ll get lots of advice.  What neighborhood to look in, why a ranch is better for you than a 2-story, the benefits of a fence, why you need a home warranty, and so on are all great pieces of advice.  We wanted to talk to you today about things to look for when you buy a new home, and what’s in store for you when you do.

Can You Afford It?

Renters run into this quite a bit.  The sticker shock of suddenly having to repair your own appliances and foundation and maintaining your home can be debilitating.  You want to make sure not to overextend yourself.  Think about what will happen if your air conditioner breaks down, or a water pipe bursts, or your basement floods.  That’s money out of your pocket.

So make sure that you can afford to keep money in reserve.  A great way to hedge your bets after laying out the money for your down payment is with a home warranty.  Often you can have the seller purchase this as part of the agreement.  This way, even if your savings are slightly depleted right after the sale, you’re protected.

Easy Upkeep

Unless you bought a fixer-upper, you probably don’t want to spend the first few months of your home ownership repairing your new house.  That’s why the inspection is so important.  You need to know exactly what may go wrong.

Repairs are inevitable, but you don’t want to start on day 1.  Find out where your problems lie with the inspection and have the seller fix it.

Size Matters

If your family may be growing, you need to think about how the home can evolve with you.  You may move in as a husband and wife, or a fully-formed family.  Nobody can predict the future, but you sure can plan ahead.  If you’re planning on kids, or having other house guests like your parents, you need to plan ahead for space.

An unfinished basement can be your friend here, too.  Adding a downstairs room is a manageable project that can both expand your livable space and increase the value of your home.  A Cash Out Refinance can help you fund these repairs a few years down the road.

Change Can Be Difficult

Moving is a jarring transition at the best of times, and can really be a miserable time.  Beyond the work and expense of the actual move, it disrupts routine.  Even if you’re in the same city, there are still variables in play.  You have to take stock of how it affects your commute.  You need to know if it will change your social life – will your friends want to visit?  Do your children have to change schools?

All of these issues come to play in a move.  Knowing the variables helps keep you from resenting the move when you realize the added time and expense you’ve signed up for.

Get Started

These tips will help you when you’re looking to buy a home in St. Louis, Chicago, Indianapolis or Nashville. Call us in St. Louis at (314) 781-9700, Chicago at (773) 770-6438, Indianapolis at (317) 550-1515 and Nashville at (615) 810-8555.

You can always apply online at, and we’re also open on Saturdays to better serve you. Don’t forget to follow @TheHomeLoanEx on Twitter for breaking mortgage news and knowledge.  Nobody gets lower rates on better loans than The Home Loan Expert, Ryan Kelley, why go anywhere else?