Nikki Carter's Blog
For first-time homebuyers, going from property buyer to property owner may seem virtually impossible. Lucky for you, we're here to help you take the guesswork out of buying a home.
Now, let's take a look at three questions that every first-time homebuyer needs to consider:
1. What is my "dream" residence?
One first-time homebuyer's definition of a "dream" residence may differ from another's. As such, you should consider what you'd like to find in a dream house before you begin your real estate search.
Creating a checklist of "must-haves" and "wants" in your house often serves as a great starting point for first-time homebuyers. This checklist will enable homebuyers to consider what they'd like to find in a dream home and plan accordingly.
Also, it is important to establish realistic expectations before you kick off a home search.
Many terrific houses are available in cities and towns nationwide, but no home is likely to have every feature that you desire in a dream residence.
Therefore, if you establish realistic expectations for your home search, you can avoid potential let-downs as you explore a broad array of high-quality houses.
2. How will I pay for a home?
Getting pre-approved for a mortgage is vital for a first-time homebuyer, and for good reason. With pre-approval for a mortgage, you'll know what you can afford to spend on a home before you enter the real estate market.
Many banks and credit unions are happy to meet with you to discuss your mortgage options. These lenders can outline the differences between adjustable- and fixed-rate mortgages, help you assess your credit score and ensure you can make an informed mortgage decision.
Furthermore, lenders can answer any mortgage questions that you may have. They can help you evaluate your current financial situation and enable you to obtain a mortgage that won't force you to revamp your day-to-day budget.
3. How do I begin searching for a house?
Beginning a home search is easy, particularly for first-time homebuyers who work with expert real estate agents.
An expert real estate agent understands what it takes to find a wonderful house at a budget-friendly price. In fact, he or she will do everything possible to help you navigate the housing market quickly and effortlessly.
Typically, an expert real estate agent will keep you up to date about new homes as they become available, set up home showings and submit home offers on your behalf. This housing market professional also will offer honest, unbiased recommendations throughout the homebuying journey to help you select a house that matches or exceeds your expectations.
When it comes to exploring the housing market, there is no need to work alone. Fortunately, you can hire an expert real estate agent who can help you get the best results possible during the homebuying journey.
Want to acquire your first home? Use the aforementioned tips, and you can move one step closer to owning a top-notch house.
Are you thinking about buying your first home but completely overwhelmed with where to even begin?
Buying your first home is a big, and exciting, decision. It’s also one that comes with a big learning curve you need to get down quickly.
There are many steps to the process and even though your agent is always here to help you and give advice it’s critical you do your own research. You want to be able to take action quickly when you find your dream home. To do this you will need to be able to keep up with the process by having everything done neatly, orderly and on time.
So where to start?
Start by sitting down with your budget. What do your current finances look like? What sort of wiggle room for spending do you have? What can you afford for a monthly mortgage payment?
And perhaps more importantly, do you have enough saved to cover a down payment and closing costs? Depending on which programs you qualify for you don’t necessarily have to put the traditional 20% down. With that said, you should know how much you would need to put down and if you have money in the bank to cover those costs.
Smooth out any credit snags. Your credit score doesn’t need to be out of this world, but it should reflect that you are actively improving and financially responsible.
Find a mortgage professional you trust to help you make the right moves throughout the process. Again, you want to be able to take action quickly once you find a home you love. And you don’t want to miss out because your mortgage professional hasn’t prioritized you.
You will also want to have a preapproval prepared, with the help of your mortgage professional, when you are ready to start looking at houses. Having a pre-approval in hand shows your agent that you are serious about this process.
Calculate the costs. Yes, more math! You will want to take into consideration real estate taxes, HOA fees, home repairs and maintenance as you refine your budget to see which homes make the most sense for your lifestyle.
When looking at homes focus on the “bones” of the house. Look past paint, hideous wallpaper and yes even the granite countertops. Are there enough bedrooms? Bathrooms? A laundry room? Is there enough garage space and driveway? Do you like the floor plan? The neighborhood?
Know what’s important to you. In an ideal world, you will find a home that ticks off every item on your wishlist. And not to say that it’s entirely impossible, but know which items on your list are negotiable. Which are you willing to budge on and which are make or break?