Essential First Time Homebuying Tips
Buying your first property is replete with emotion. Excitement, thrill and perhaps a little anxiety and fear until you proceed through all of the steps. A home purchase is usually one of biggest investments that you will make so naturally you will want to make sure you are prepared and do it right. Here are some key things to consider.
No Home is Perfect
Even if a home appears to be perfect, no home is. Just because the home was recently renovated doesn’t mean that there may not be some issues. Some things may not have been done properly or perhaps a system or appliance may not have been replaced with the home’s overhaul. The takeaway is that you always want to have a home inspection to be 100% clear on the home’s true condition.
Many people go online to start googling for how much they can afford or look at online calculators for home payments that appear to be reasonable. However, the only way to truly know how much you can be “approved” to afford by a lender is to consult a professional mortgage agent. Give them your financial profile and they will run your credit and provide you with a number stated in a letter of how much you can afford.
Keep a Tight Schedule
One thing to note is that time is of the essence with all things real estate. From submitting your offer quickly on a home you like to getting your required steps on time as you progress through the home purchase process. Your typical closing is about 45-60 days when there is a mortgage involved. You will need to have things done in time such as a home inspection, home appraisal and loan application details completed.
From a lender to an agent you want to arm yourself with an experienced professional team. Before you simply call your friend’s uncle in another state because he is a mortgage broker, make sure whoever you decide to hire is experienced and professional. Someone who is responsive is imperative as it can make or break a deal.
At any given time despite how hot the market is you can find yourself getting outbid on one or more properties. This is why it is important to act fast but also keep in mind that everything happens for a reason. While you may be heartbroken that you missed out on one home the one you eventually purchase may be twice as nice.