No one ever forgets their first home buying purchase. It’s an exciting time but can also be quite overwhelming. Read on for some expert advice on preparing for a hassle-free experience.
Assemble Your Team
Homebuying is a very technical process. At all steps of the process, you will be depending upon a team of real estate professionals to help. These commonly include a real estate agent, real estate attorney Ashburn VA, a mortgage broker, and a home inspector.
You’ll want to find the best people for each of these jobs. Word of mouth references are a great place to start. You’ll want to find professionals who are familiar with your situation as a first-time homebuyer.
Assess Your Finances
The cost of a downpayment and a new home mortgage will eat up a large portion of your monthly income for decades to come. It’s essential that you enter the home buying process with an accurate picture of your finances and your ability to carry this new expense.
To get the best mortgage terms, experts recommend paying down debt and repairing any blemishes in your credit record before you apply. You’ll also want to use a mortgage calculator to figure out how much home you can realistically afford given your current household budget. For most families, the monthly cost of housing should be around 35% of gross monthly household income.
Once you determine your budget range and have your finances in hand, you can apply for a pre-approved mortgage. Shopping with pre-approval gives you bargaining power that can push a sale through more quickly. Sellers will know that you are serious about buying and you will have the peace of mind of knowing exactly which homes fall within your budget range.
Make a Wish List
No one home is going to give you every feature you are looking for in a home, and most budgets won’t allow for unlimited amenities. Making a list of your needs and wants will help you prioritize and keep you from wasting time looking at homes that don’t fit your needs.