First Time Homebuyers Tips
First Time Homebuyers Tips This is a great list of First Time Homebuyers Tips to use when you are ready to buy a house.
Understand why you want to buy a house.Understanding the reason why you want to buy is the most important step. If you have been renting and you are prepared to move, then proceed to the next step. If you are just bored and want to just look at houses and then decide if you want to move, then chances are you are not ready to make this decision.
Check your credit score.Though you may think you are ready to buy a house, your credit score may not be. You need to know if your score is where it needs to be before proceeding. If your credit score is not in the proper range, you will need to make a plan on how to better your score.
Create a housing budget.Creating a housing budget based on your income will help you to decide where your monthly payment needs to be. Once you figure out what you can afford monthly, then you will know the price range you need to look in. Allow some wiggle room for HOA fees and maintenance cost, as well as insurance.
Save for a downpayment.Once you find the amount you can afford, you will need to figure up how much the down payment will be. You’ll need to save at least 20 percent of the home’s purchase price for a down payment.
Shop for a mortgage.Being pre-approved for a mortgage will be beneficial when you are ready to make an offer on a house. You will want to try for the lowest interest possible.
Hire a real estate agent.This is where we come into the picture! We have realtors ready to assist you here at Summit Cove Realty. Feel free to contact us today! This step is important, because ea realtor can save you time and money when searching for your dream home.
See multiple homes.Don’t just look at listings online, you need to go out and physically look at each home you're interested in. Once you find a home, then you want to really check out the neighborhood/area it is located in. If you have kids, check out the school. Check out all the things that are important to you outside the home as well. This will help to narrow down your options.
Make and offer.Once you find your dream home and you have done your “homework”, it is time to make an offer. Your realtor will be very helpful with this process.
Get a home inspection.It’s important to get an overall picture of the property, and that is exactly what a home inspection is for. Depending on how the inspection turns out, you may need to ask the seller for repairs, or you might rethink buying the house, if you have a contingency in the contract.
Negotiate repairs and credit.The home inspection report may reveal some issues. Major issues will likely need to be dealt with before your mortgage lender will finalize your loan, while minor issues can often wait till you take possession of the home. Your agent can also help negotiate with the seller. The seller would then be asked to do the repairs, or give you credit at closing. We would love to be a part of your home buying process. If you have any questions about buying your first home, we would love to help you. Feel free to contact us any time.
Check out our next BLOG POST Tuesday, January 3 2023!