Buying your first home is an exciting journey. Finding your first house can feel like a dream come true. However, there are several things to learn before diving into the real estate market, especially if you’re a first-time home buyer. We’ll review all the tips and tricks you need to know to ensure you are happy with your first home.
Real Estate Agents
Working with real estate professionals like Claudette Schwartz is a great way to ensure you know everything about purchasing your first home. Professionals can help direct you to a lender with low interest rates. Real estate agents have a vast network to help you discover homes that aren’t on the market yet, and they can help you sort through hundreds of listings to find your dream home.
Always Get Inspections
You never know what previous tenants did to a home before you move in. It may look gorgeous, but there’s a chance that leaking caused mold within the walls. The electrical wiring may be seriously outdated, and you may not realize it. Take the time and money to invest in a professional inspection to ensure everything is up to code. Getting an inspection can save you thousands of dollars and plenty of headaches in the future.
Speak With a Lender
Anyone interested in purchasing a home should speak with a lender before searching for a home. It’s crucial to ensure you have the money for the down payment, the correct credit score, and are pre-approved for a mortgage. You don’t want to find your dream house only to discover that you can’t afford the house or find a bank to approve a mortgage. Instead, get approved for a mortgage to find a home within your budget.
Know Your Must-Haves
Everyone has a small list of things they refuse to compromise on to ensure they don’t get buyer’s remorse. For example, you may want a home in a good school district if you have children. Consider how many bedrooms you want and if you want a finished basement. Is a large backyard vital to you? Making a list of things your new house must have is a great way to ensure you find a home you love.
Save For a Down Payment
Many lenders are flexible with a down payment. Paying the minimum amount is always an option. However, the larger your down payment is, the faster you’ll pay off your mortgage. You can also secure a lower interest rate if you put down a larger down payment. If you can, take a few extra months to save up more money for a down payment. Paying a larger down payment will work out well for you in the long term.
In Conclusion
Buying your first home is an exciting moment. However, it’s crucial to take a few extra steps to ensure this new chapter in life is full of happiness. Save money for a significant down payment, make a list of must-haves, and work with an experienced real estate agent.