a guide to buying your first home
By the end of this blog you will have your FIRST HOME!
The last two years, as you know, have been crazy in so many ways. While the COVID-19 pandemic has wreaked havoc on “normal,” it also caused the real estate industry to see prices skyrocket. On top of that, according to the Department of Housing and Urban Development, real estate prices are rising faster than any time since 2007-2008. Buying your first home is one of the most important financial decisions you’ll ever make, but it can be incredibly complicated.
We want to break it down as far as possible yet in a very simple manner so you are not overwhelmed. There is a lot to go through, but if you want a successful buy, we have to start with the tiny things.
Here are 14 simply explained steps that can start off the journey for your house hunting:
Step 1: Assess Your Finances
Review your financial situation, including income, expenses, and savings.
Calculate how much you can afford for a down payment and monthly mortgage payments.
Consider additional costs like property taxes, insurance, and closing costs.
Step 2: Check Your Credit Score
Obtain your credit report from major credit bureaus and check for errors.
Work on improving your credit score if needed, as it affects mortgage rates.
Step 3: Save for a Down Payment
Aim to save at least 10-20% of the home's purchase price for a down payment.
Explore down payment assistance programs if you need extra support.
Step 4: Get Pre-approved for a Mortgage
Shop around for reputable lenders and get pre-approved for a mortgage.
This step strengthens your position as a serious buyer and helps set a budget.
Step 5: Create a Home Wish List
Make a list of your desired features, such as location, size, number of bedrooms, and amenities.
Differentiate between "must-haves" and "nice-to-haves."
Step 6: Start House Hunting
Utilize real estate websites, apps, and attend open houses.
Consider working with a real estate agent who can guide you through the process.
Step 7: Conduct Due Diligence
Thoroughly research properties of interest, including their history and neighborhood.
Investigate property taxes, utilities, and any potential zoning issues.
Step 8: Make an Offer
Once you find the right property, work with your real estate agent to make a reasonable offer.
Negotiate with the seller if necessary, but stay within your budget.
Step 9: Secure Financing
Finalize your mortgage with your chosen lender.
Provide all required documentation and complete the mortgage application process.
Step 10: Conduct a Home Appraisal
The lender will require a home appraisal to confirm the property's value.
Ensure the property appraises for the agreed-upon price.
Step 11: Complete the Home Inspection
Hire a licensed home inspector to assess the property's condition thoroughly.
Negotiate with the seller for repairs or a price reduction if issues are found.
Step 12: Review Closing Documents
Carefully review all closing documents, including the mortgage terms and costs.
Seek clarification on anything you don't understand.
Step 13: Close the Deal
On the closing day, sign all necessary paperwork and pay the closing costs.
Ensure you have the necessary funds ready, including your down payment.
Step 14: Move In
Congratulations! You're now a homeowner.
Plan your move carefully, set up utilities, and make your new house a home.
Now these are just key bulletpoints that it applied can swing you in a positive house hunting direction! But why not get some hands on help?
Forteca Estate is here to provide the best tips and the best support in finding your first home! Why not contact us and give it a try. With our help and some basic knowledge we provided about getting your first home, you can be sitting watching your favourite show in your very own living room…
Contact us:
fortecaestate.com
(347) 792-5075
(347) 556-0089
Here is a start: We are selling a newly renovated 5 bedroom, 2.5 bathroom home…
It has modern finishes, impeccable craftsmanship, and a nice comfy yet spacious open concept.
Check it out for yourself and book a tour with us where we can definitely situate you in your first-ever home:)
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