Looking to buy your first home? Congratulations! Becoming a homeowner has been a cornerstone of the American dream for a long time now. While buying a home is certainly an exciting milestone, it can also be a bit overwhelming at the same time. Between looking at homes and determining affordability, balancing work and caring for your family, it can be difficult to know exactly which steps to take.
While buying a home can feel like a lengthy process, it will be worth it when you can officially call yourself a homeowner. To help make everything less daunting, the professional staff at Coastal Realty Services reviews five vital tips to help you.
1. Get Pre-Approved for a Loan
Before even starting to look at homes, you should get an idea of how much a lender will be willing to give you and, thus, the type of price range you’ll be looking at. In this instance, you will have to apply for a loan. Monthly income, student loans, employment, and any debt you have (among other factors) will impact how much a lender will offer. A lender can also help determine the type of loan and interest rate that is best for you based on your situation. A pre-approval will open the door for you, as sellers will see that you are ready to buy.
2. Determine the Type of Home That Suits Your Needs
Are you looking for a single-family home, a townhouse or a multi-family home? You have many options when searching for a property, each with its own advantages and disadvantages. Look around to find a home that is ideal for your family size and which also fits your budget.
3. Know What Features You Want
In addition to the type and size of the home, determine what features you’d like to have. These include basic desires like a good neighborhood, as well as smaller details such as a garage. You should retain some flexibility in the process, since finding that ideal home that has everything you could dream of can be difficult. You can prioritize the features in order of importance to make the decision easier.
4. Find an Experienced Real Estate Agent
Buying your first home can be complex, so it’s recommended that you hire an experienced real estate agent. The agent will assist you throughout the process, locating homes that meet your needs and are within your price range, and visiting and inspecting the homes. They will provide their experienced and professional advice with regards to the home and help you choose the one that’s best for you.
5. Don’t Ignore Closing Costs, Property Taxes, and Homeowner’s Insurance
When you buy a home, keep in mind that the mortgage is only one piece of the entire cost. You also have closing costs, property taxes, and possible homeowner’s association fees to pay for, as well as homeowner’s insurance. Make sure you know how much all of these will cost so that you are financially prepared when you decide to buy.