Buying Your First Home? 5 Things You Need to Know!
As a first-time home buyer, you have probably started your search by browsing through real estate websites and looking up homes, in the areas you think you might want to live. You may feel both excited and overwhelmed by becoming a homeowner. At ERA King Real Estate, we believe that home ownership is a critical component to happiness and provides stability for you and your family. We are here to help put your mind at ease as you begin your home ownership journey.
If you are in the process of buying your first home or next home, below are five key things that you need to know:
1. Work with One Realtor
As you begin your home search, consider meeting with several realtors to ensure you find the agent that will best meet your real estate needs. Pick a realtor that is knowledgeable about the current housing market, understands your needs and wants, has worked in the areas in which you are considering living, and above all, exercises care as your realtor. Once you find a realtor that is the right fit for you and your family, you can begin your home buying process.
2. Be Pre-approved for Financing
It is important to get pre-approved for financing before you begin looking at homes in person. Being pre-approved, will provide you a price range to begin searching. ERA King Real Estate is glad to put you in touch with several, qualified lenders for your choosing. During the pre-approval process, you may have to provide some financial information to your lender. These items can include pay stubs, tax forms, and bank statements. The lender uses this information to pre-approve you for a certain sales price and loan amount.
3. Upfront Costs
Before buying your first home, it is important to plan and start saving for a down payment. Something to also consider when planning, is the earnest money you will put down with your offer for the home you have chosen. Some other costs associated with purchasing a home that you might not think of include: paying for your credit report, having a home appraisal done, and a home inspection completed.
4. Inspection of the Property
Home inspections will assist you in ensuring you are making a wise home purchase. Oftentimes this can reveal any problems that aren’t seen easily by the untrained eye. Most mortgages also require home inspections to ensure the quality of the home they are lending you money to purchase . Your ERA King Real Estate Agent will be glad to recommend a few certified home inspectors.
5. Appraisal and Survey of the Property
The appraisal of the home you are hoping to purchase is extremely important. The home needs to be able to appraise for the value of the loan amount you are requesting from the mortgage company. A survey is important to verify where the property’s boundary lines are. It also helps to determine any other restrictions or easements included in the property.
If you are in the process of searching for your first home or your next home, please reach out to us today!