Are you thinking about buying your first home? It is exciting, but can also be overwhelming, confusing and stressful all at the same time. COListings wants to help make your journey from house hunter to homeowner easier on you with these 4 important tips.
The starting point for this process is making sure you are pre-approved for a home loan. A lender will review your financial information and will let you know how much you can afford and how much they will lend you. Being pre-approved will save you time and energy ensuring you are not looking at houses you can’t afford. It might also get you under contract on your dream house over another buyer who isn’t pre-approved. If you don’t know how to find a reputable lender, contact a COListings agent who has established relationships with lenders who can help you.
Prepare for costs
There is a big difference between renting and owning a home and one of those differences is costs. There are many bills that you don’t pay as a renter that you will be responsible for as a homeowner. In addition to the mortgage, you will need to budget for utilities, insurance and Homeowners Association Dues. New homeowners will also need to be prepared for repairs, property tax increases and home maintenance. Knowing and preparing for these costs before you buy will save you from financial stress later. [;
Purchase with purpose
It is so easy to fall in love with a house that might not be in your best interest and that can lead you to make bad financial decisions. Buying a house should also be based on the value of the investment. Can you grow into the house for years to come, is the location ideal for your work and lifestyle, and can you realistically afford the cost. These are all aspects of a home that you need to consider separate from finding a home you just can’t live without.
Pick the right real estate agent
One of the most important first steps when buying a home is choosing a real estate agent that will represent your best interests. That means you don't have to hire your neighbor’s cousin’s friend who just got their license because you feel obligated to give them your business. You need an agent that has the knowledge and relationships in place that will help you with every stage of the home-buying process. They will ask you the right questions to make sure they get you into the home of your dreams. The right agent will be there to negotiate the price, closing costs, home repairs or warranties that work for both sides to make sure you are in the best position possible when you close.
COListings agents are ready to help you make your home ownership dream a reality. Contact them today while there is less competition and low rates!