Buying Your First Home? Do These Things First
Here’s a few tasks to complete before buying your first home
Very few events in your life are going to be as exciting as buying your first home, but first-time buyers need to remember that this process can be very complicated. Well before you make an offer on a home, you will need to carry out a few important tasks:
Narrow Down the Location
Finding a great neighborhood can be quite challenging, and you don’t want to bid on a beautiful home in the wrong location. After you’ve narrowed your search to a few specific neighborhoods, you should try to visit those areas during different times of the day. You also need to speak with some of the homeowners and neighbors about the pros and cons of those areas.
Just about any lender that offers conventional mortgage services can pre-approve you for a mortgage loan. Once you’ve been approved, you will know exactly how much money you can offer and which price range you should be looking at. Many sellers are also very eager to work with buyers who have been pre-approved because closing will take just a fraction of the time. This also can help you avoid looking at homes that you know you won’t be able to afford.
Write Out a List of Necessities
It might be tempting to look at luxurious homes with incredible upgrades, but the necessities should always come first. Some of the variables that you’ll need to consider include the location of the home and the total number of bedrooms. You might also be interested in the age of the appliances. Buying a home with older appliances might be cheaper initially, but you could end up spending thousands to replace those gadgets in the coming years.
Establish a Moving Plan
Every step of your move doesn’t need to be planned out before you make an offer, but there are a few considerations that you and your family will need to discuss. Some buyers decide to take one or more weeks off work, while others prefer to hire professionals who can do most of the hard labor. You must contact all of the utility companies, as well, to see if they offer any moving packages that allow you to quickly switch from one address to another.
Another vital step in this process is finding the right Realtor to help you in your search. An experienced, hyper-local real estate agent will be able to explain the entire home buying process to you, connect you with financing resources, and help you find homes and communities that are best suited for your needs.
Source: “Looking to Buy Your First Home? Settle These Things First,” RISMedia’s housecall