Steps To Simplify Your First Home Purchase
Creating a first time buyer plan can make things more manageable
Being a first time homebuyer can seem pretty daunting when you first start. It doesn’t matter if you are purchasing a single family home for yourself or an investment property it can appear as there are many things to figure out on top of a market where properties are selling so quickly. However, if you craft a system and make a list of the important things to accomplish it can go much more smoothly. Here are some helpful pointers on where to begin
Establish Your Goals
The first thing to do is decide what you need in a home and develop your overall plan. Would you like to buy a condo for just yourself for now and then move again after a few years? Will you keep that property and rent it out as an investment or sell it as you trade up to a single family residence? All of these things are worth figuring out as you evaluate your needs as well as plan for your future.
Reach Out To a Mortgage Lender
Before you start any official searches you should contact a lender to find out what you can afford. Not only do you need to figure this out for your own comfort level, but you also need to know exactly how much a lender will approve you for in terms of a loan so you know what properties you can even consider looking at. Lenders who are experienced in all types of properties as well as those locally are always best to work with.
Create a Budget
Once you have figured out how much a lender will approve you for, you also should do some math on your end. Just because a lender will approve you for a certain dollar figure doesn’t mean you will be comfortable with paying that much. Take into account all of your current expenditures as well as your future financial goals.
Contact a Real Estate Agent
Work with a real estate agent that specializes in the area of your interest and has experience with the types of homes that you are looking for. I am happy to have an assessment call with you as a starting point to discuss your needs and if you are searching outside of my areas of coverage I can also connect you with a colleague who does.
Do The Math
When you start touring homes it is important to crunch the numbers on each one separately. Homes will range in price but also in some other ways. For example, taxes could be different property to property and can also change with the property type. Condos will also have a regular homeowner’s association fee that you will need to add into your equation.
Submit Offer
Once you have found a home that you like and it satisfies your needs then submit your offer promptly. If a home of interest borders what you are comfortable spending, submit an offer for an amount that works for you. The worst thing that can happen is the seller will not accept it. In the end keep things businesslike and try to avoid getting emotional about it so you don’t make a bad decision.