Purchasing a home for the first time can be a very stressful time, especially if you do not have the best of guidance. Here are some tips you should keep in mind before and during the home-buying process.
1. Save Money Early
During the process of home buying, there are many circumstances in which money comes in to play, and the more you have the better it will be for your situation. Depending on what kind of mortgage you decide to go pursue (and also , a larger down payment could go a longer way. Closing costs can also add up, but are often times covered for by the seller to show good faith. Lastly, you will accrue moving costs as well, when you begin the move in process.
2. Build A Solid Credit Score
Knowing your credit score is important for many factors of your adult life, and is possibly most important when you are purchasing a home. Knowing your credit before you begin the process and building it up will go a long way in helping the banks determine what kind of loan you may be eligible to receive.
3. Check Out First Time Home Buyer Programs
Many states and cities have programs in place to help assist first time home buyers. Make sure you look into what is available to you that will help you out! First time home buyers are also the most vulnerable to scams, so using programs in place will help keep you safe!
4. Choose A Real Estate Agent Wisely
Often times what will make or brake the timeline of your home buying process will depend on who you hire as your real estate agent. Someone with a good reputation will go a long way. Check with other recent home buyers that you know to see who they worked with and the experiences they had. Good real estate agents will have a reputation that is widely known.
5. Research Desired Area and Type of Home
You should conduct your own research too! While your real estate agent will be able to help, helping yourself will go a long way too. What schools do you want your children to attend? Are you looking for two bedrooms? Three? Four? These are all sorts of questions you will want to answer before starting your own home buying process.
As we said, the home buying process can be a stressful one, but it doesn’t have to be. Do your research, build your credit, save money, and hiring a good real estate agent will go a long way in easing the burden of the home buying process. If you have any questions for us, feel free to reach out and we at the Katie McNeil Team would be happy to assist you.