So, you think you might be ready to purchase your first home. If you are a first-time buyer, the home buying process might be confusing and you may be nervous about paying a mortgage. But guess what? If you are paying rent, you actually ARE paying a mortgage—just not your own! Before you jump into the deep end of adulting by purchasing a home, let us help you!
Consider these 5 tips for first-time home buyers.
- Make Sure Your Credit is in Shape and get Pre-approved
This should be your first step. Before you even think about starting to look at homes, get in touch with an experienced mortgage lender. The lender will look at your income and pull your credit to help you identify any discrepancies and let you know the amount you qualify for. If you have any credit issues, your mortgage lender will give you advice to raise your credit score so you can qualify for the best interest rates. The lender can also help you research any grants you may be eligible for. Preparation is key and our team will make sure you’re ready.
- Understand the Purchase Process
We’ll sit down with you and run through each step of the process. Don’t be afraid to ask us questions—we’re happy to answer them! We’ll walk you through the offer process, explain negotiations, inspection, appraisal, and coordinate closing for you. Plus, we will encourage the seller to purchase a home warranty to cover the expenses for repairing or replacing appliances and systems for the first year you are in your home.We’ll explain each step along the way so you’ll never feel lost.
- Prioritize Your Needs and Wants with the 80/20 Rule
We can provide you with a checklist before we even start house hunting. Include your must-haves, nice-to-haves and deal breakers. Take your checklist with you to each home you visit. Remember, it’s highly unlikely you will get everything you want out of your first home and most people don’t. We tell our buyers about the 80/20 rule. If a home has 80% of your must-haves, you should strongly consider writing an offer.
- Research the Neighborhood
You’ve heard it before. Real estate is about Location, Location, Location! It’s smart to buy a home in an up-and-coming neighborhood. It’s also smart to buy a home that fits your needs. Is it close to your work, schools and other places you might frequent? Make sure the neighborhood you buy in will fit your lifestyle now, and in the coming years.
- Find a Great Realtor
Okay. We lied to you earlier about the first step, our apologies. While getting your credit in shape is important, your actual first step should be to talk to us! We are here to provide you with guidance and assist you in finding your dream home. We will do everything to make your home buying process as smooth and fun as possible. Hey, it’s not every day you purchase a home, right?
For more information visit our website at www.redsign.com or contact us by phone: 877-787-2008