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Buyers

The first time you buy a home can be the most exciting and the most nerve-racking experience. In

order to make the process a positive one, take this helpful advice for first-time buyers to heart.

It can help you avoid many of the mistakes that first-time homebuyers make and can ensure that

you buy the house that is right for you. Here is the general roadmap for happy house hunting!

Financing First

Before you even begin to start saving properties and calling agents, you have to get your finances

in order. That begins with cleaning up old debts, improving your credit score, and building up a

healthy savings to put down a 20% down payment if at all possible. Get this done first.

At the very least, most banks will require 5% down. Just know that lenders will typically require you

to pay private mortgage insurance (PMI) if your down payment is less than 20%

Once you have your financial ducks in a row, it’s time to start preparing for the house hunt. The

first step is actually going to a bank and getting pre-approved for a home loan.

Keep in mind that pre-approval and pre-qualification are two different things:

·      Pre-Qualification: Only tells you how much you can afford for a home.

·      Pre-Approval: Tells you how much the bank will guarantee to lend you for a home.

When you go to an open house with a pre-approval letter in hand, the seller knows that you are a

serious buyer. Plus knowing exactly how much you are approved for can help you stay within your

budget. When budgeting for your home purchase, don’t forget to include other costs that will arise

like:

·      Inspections

·      Repairs

·      Closing Costs

·      Contingencies

·      And Other Fees

Know What You Are Looking For

Now comes the fun part for first-time homebuyers. Now you get to put together your wish list for

the house that you really want. You will want to have two lists to work from. One list is your list of

needs:

·      Specific Number of Bedrooms

·      Specific Number of Bathrooms

·      Square Footage

·      Location, Etc.

These are the things that you cannot budge on. These may include a lot of other things like

specific school districts or distance from your place of employment. That is your primary list. Your

second list is your wants; things that you would love to have but are not a deal-breaker if they are

not included. Things like:

·      Pool

·      Attic Bedroom

·      Finished Basement

·      Multi-Car Garage, Etc.

Get Help from a Pro

After you have completed these steps, it is at last time to call in a pro. You have everything you

need to give your agent a good idea about what you are looking for. Now let your agent take you

through the next exciting steps! Contact Agent now to discuss your goals for buying a home.

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