Ready to take the leap and purchase your first home? Great news! The purchase of your first home is such an exciting journey. Before you jump, though, it is important to be prepared for the process. I know what you are thinking, “Of course I’m prepared! I’ve been waiting for this my entire life!” Exactly – you have been waiting your entire life, so no need to rush. Slow down and consider these tips for the process of buying your first home.
Know What You Can Afford – This may seem obvious to some, but it takes digging pretty deep into your financial situation to get a good idea of what your budget will allow for your new home. Some of the things that will need to be considered –
Potential monthly payments
Check Your Credit – Know the current status of your credit and tie up any loose ends before beginning the process of buying your home. These aren’t the kind of problems that you want to pop up right smack in the middle of the process.
Meet With Your Bank – It is always smart to meet with your bank to discuss your finances before diving in to the home buying process.
Gather your paperwork – There is a lot of paperwork involved in the home buying process. Make sure you have these documents readily available and organized –
Getting the Party Started
Hire an Agent – As a first-time homebuyer especially, hiring an agent that can be your go-to person throughout the process is always a good idea. Having an agent comes with a lot of perks, including inside access to brand new listings. Score!
Research Preferred Neighborhoods – With the help of your real estate agent, make a list of preferred neighborhoods and take a deeper look by researching things such as HOA rules and regulations. Finding the right neighborhood is equally as important as finding the right home.
See a Variety of Homes – So, you absolutely loved the first house that you looked at, right? That’s another perk of having an experienced real estate agent. However, it is in your best interest to explore a variety of different homes, even if just for comparison sake. Chances are, you will feel more content when you do find the one.
Things to Consider Along the Way
Location is Key – Location! Location! Location! If the time comes when you are ready to move on to your second home – sniff sniff – location will play a huge part in selling your home. Location factors to consider –
School zones = safety
Proximity to nearby attractions
Quality of neighborhood
Hold Off on Big Credit Purchases – Once you find the perfect home and the purchase process is underway, don’t get ahead of yourself. Purchasing big items for your home before the deed is done, so to speak, can throw off your debt to income ratio, which important for loan and mortgage purposes. It’s best to wait until after you have closed the deal to whip out the credit card at Home Depot.
Ready, Set, JUMP! – Don’t stress too much about trying to time the market perfectly – it’s impossible to do. Once you’ve done your research, and you feel confident in your financial position, go for it – the time to start living your best life is now.
Are you looking to purchase your first home? Maybe even a second or vacation home? Melissa Clements is equipped to be your go-to person throughout the entire process, whatever your situation may be. Melissa has experience selling all types of homes, and she is ready to answer any questions that you may have – contact her today and get your home-buying party started!