Buying your first home is an exciting milestone, but it can also be overwhelming. Here are some steps you should consider as a first-time home-buyer:
- Determine your budget: Before you start looking for a home, you need to know how much you can afford. Consider your income, expenses, and debts to determine your maximum monthly mortgage payment. Don't forget to factor in additional costs like property taxes, insurance, and maintenance.
- Get pre-approved for a mortgage: Unless you can pay the full price of a home in cash, all buyers need a pre-approval in order to purchase a home! Once you have an idea of your budget, you should get pre-approved for a mortgage. This will give you an accurate idea of how much you can afford and make you a more attractive buyer to sellers. Having a pre-approval in place will also make things a lot less stressful when the time comes for you to put an offer on a home!
- Find a real estate agent: Now, you may already be in contact with a Realtor. If you are, reach out to them and let them know you are pre-approved! A good Real Estate Agent can help you navigate the home buying process, find properties that meet your needs, and negotiate on your behalf. They will be the one communicating with you, submitting the offer on your behalf, and taking care of your best interests. A great Realtor can also provide a list of great contacts that will be helpful during your purchase (lawyers, home insurance providers, mortgage specialists, etc.).
- Start house hunting: Once you have your pre-approval and a real estate agent in place, you and your Realtor can start looking at homes. Make a list of must-haves and nice-to-haves, and be open to compromise. Make sure to communicate with your Realtor and be open to their suggestions! They are on top of the market every day and know what is going to be within your budget, and most of all, what is best for you! They will set up a home search for you, and keep you updated on every step from here on out!
- Make an offer: When you find a home you love, work with your real estate agent to make an offer. Your offer should be based on the home's value, the local market, and your budget.
- Condition period: Before finalizing the purchase, you will have conditions to satisfy. These may include: financing, a home inspection, or a Condo Document review. The right Realtor will help you with these items as much as possible and ensure you are provided all the information needed.
- Close on the home: If all goes well with the conditions, you can move forward with closing on the home. This involves signing a lot of paperwork with the lawyers, paying closing costs, and transferring ownership of the property. Congratulations, you're now a homeowner!
Overall, with the right experts on your side, these steps will be simple. You can find a Realtor before getting a pre-approval, or after! A Real Estate Agent may know of a great mortgage specialist that can help you. The most important thing is making sure you have a mortgage pre-approval in place, and are working with the best people!
If you want to get started on your home search, contact me with the information below!
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