First time home buyer? Here’s how to prepare!
The home buying process can be a particularly overwhelming time, especially for first time home buyers, who don’t know what to expect or how to wisely prepare for the journey. Freight not! We’ve put together a checklist of helpful tips to put your mind at ease.
Plan Ahead: Work towards improving your credit score a year or two before you plan to purchase. An impressive score, will afford you better loans agreements and lower interest rates.
Get pre-approved: There are plenty of programs that help out first time home buyers. Get pre-approved for a loan before your search for a new home begins and once you’re pre-approved, really determine your budget. Be realistic in deciding the amount of monthly mortgage you are comfortable paying.
Every single monthly expense should be taken into consideration when determining a mortgage, you can afford.
Don’t forget to include things such as potential renovations needed, home owner’s association fee’s that may be associated with a new purchase (your agent will let you know if these fees apply), landscaping costs and monies that you intend to put away for savings.
Knowing your budget, and being pre-approved before your search, can relieve unnecessary stresses or disappointments caused by looking at homes that may financially be unattainable or getting yourself into a mortgage that will leave you struggling to make ends meet.
Find a real estate agent: Find an agent with whom you trust and who will be honest with you about the real estate climate. A good agent should be able to tell you whether it’s a buyer’s market or seller’s market and have a sense of what, near future, real estate trends are expected. Any respectable agent will have your best interest.
Enjoy: Finally, try to find the excitement in the home buying process. While preparing for the perfect home, choosing the perfect home and signing on the dotted line may be overwhelming, don’t lose sight of the joy this process will bring. This is a special time and if you’ve prepared well, you’ll feel pleased and accomplished with your home buying experience.