If you’re like many people in the U.S., you’ve wrestled with the idea of purchasing a new home at some point or another. But if you’re still not sure if it’s the right move for you, you’re not alone, either.

Below are five of the most frequently asked questions we get from potential first-time homebuyers — you may even have had some of them, too. We’ve got answers. Take a look.

Why is Homeownership so Important?

Buying your first home is a major milestone. It’s one of the best decisions you can make for your future. It’s not just a place to call your own, but a time-honored step in securing financial stability and accumulating wealth.

The benefits are immediately clear when you can start building equity instead of throwing your hard-earned money away for rent each month. In fact, according to the Federal Reserve’s Survey of Consumer Finances in 2016, a typical homeowner’s net worth was $231,400, while that of renter’s was only $5,200.

While homeownership is the path to build equity and secure your financial stability, it’s also likely the biggest financial decision you’ve ever considered, so it’s important to be informed and know your budget before you jump into anything.

How Do I Know What I Can Afford?

First and foremost, it’s essential to determine the state of your finances and whether you can afford this big next step.

Once you’ve made a budget, set aside funds for a down payment and received pre-approval for a mortgage, then you should begin thinking about the lifestyle you want to lead and exploring communities and homebuilders that have piqued your interest

Fortunately for you, we can help make this first step smooth and simple by financing through our handpicked group of preferred lenders. As members of major regional and national financing networks, they can help you secure the most competitive rates available. And they can help you pre-qualify for financing before you even begin your new home search.

Where Should I Start Looking?

Next, it’s time to start dialing in on the home of your dreams. You might have a strong idea about where you want to live but it’s always a good idea to look across the region and compare different areas for price, cost-of-living and lifestyle considerations.

Shop around — Brookfield Residential offers a extensive range of communities and home styles in Maryland and Northern Virginia.

During this search is where you’ll need to define what factors and features are most important to you. Is a specific location most important? Or do you prioritize community amenities and a strong built-in social network? Is there a feature that you absolutely have to have?

You might just find the perfect community is out there for you. A place that checks all the boxes and falls in the budget. If you’ve taken the time to explore our wide selection of Brookfield Residential communities, you’ve likely already found it.

How Do I Choose the Right Homebuilder?

Now that you’ve picked your ideal location, it’s essential that you verify the credibility of your homebuilder. In much of the Mid-Atlantic region, local, regional and national homebuilders are all in competition, but that doesn’t mean they share the same set of standards, ethics or priorities.

By researching and reviewing homebuilder testimonials from those who have recently purchased at your community of interest, you’ll gain insight into what you can expect once you sign that dotted line.

Once you’ve narrowed the field to a select few, there’s another key factor to consider. How will your homebuilder keep you informed and involved throughout the construction process?

At Brookfield Residential, we pioneered the first-of-its-kind My Brookfield Home App.

Now available in the App Store and from Google Play, this continually updated app empowers you to stay connected, from the day you sign your contract to closing day and beyond.

Are There Ways to Speed up the Process?

Don’t forget to consider Move-In-Now Homes during your search. These homes drastically expedite the process of owning a new home because they’re already built, already upgraded and all ready for you today.

Let’s Get Started

If you have any questions or could use guidance on starting your search, don’t hesitate to reach out. Contact a Brookfield Residential Sales Manager today. We’re here to help. Best of luck and happy house hunting!