Purchasing a home can be overwhelming for some. From house hunting, to the paperwork, the down payment, and even to the point where you are moving into your new home there is a lot do. Make sure you are prepared for what to expect during the home buying process.
Here are 5 tips for the First Time Home Buyer...
1. Do some research
Sounds obvious right? But so many buyers go into it blind. Although there are many professionals that will help you along the way, you will only help yourself if you do a little research before and during your home buying process.
So what kind of research? Use the internet to...
Search for neighborhoods
Research home styles
what you might like or dislike in your next home
different activities in these areas
2. Have an idea of what you are looking for
After you do some research, make 3 lists...
List 1: What you HAVE to have
List 2: What you would LOVE to have
List 3: What you DO NOT want
Having these lists will not only make your life easier, but it will allow your real estate agent to show you the homes that best fit your wants and needs. Even the most experienced real estate agents are not mind readers, show them and tell them what you want so they can help you find the perfect home.
3. The Cost
There is more to buying a home than just the purchase price. Closing Costs, Inspections, Appraisal, Moving Fees, Homeowners Association, Homeowners Insurance, and other fees are often a surprise to unprepared buyers.
4. Get Pre-Approved
Typically when you write an offer on a home, you will present your loan pre-approval letter. This means you have spoken with a lender and they have run your credit score and information to determine that you are pre-approved for a home loan. You will not be fully approved until a loan application is filed and processed. This does not happen until your offer has been accepted on a home and you go under contract.
TIP: Getting pre-approved for a loan will also give you a chance to interview lenders along the way. Find one you feel comfortable with and of course, ask for referrals!
5. Find the right Agent
Having the right real estate agent is so important. No matter if it is your first home or third home, you want to feel comfortable and confident with your pick. So do some research, ask for referrals and interview agents before jumping in with both feet.