Five Important Steps for First Time Home Buyers

Five Important Steps for First Time Home Buyers

Many first time homebuyers, who are initially excited for the home buying process, get overwhelmed as they realize the scope of the decision to be made. Fortunately, purchasing a home can remain a relatively stress free decision by considering a few key facts and preparing for the process.

Mortgage Preapproval

Five-tips-first-time-home-buyers-bs-reducedBefore beginning to look at homes, it’s important to make sure you are financially ready to purchase a home. After being preapproved for a mortgage, you will be able to align the locations, sizes and features you want with your budget. While banks take a wide range of criteria into account before giving a preapproval amount, it is important to match the monthly payments up to your current spending habits. You will want to continue enjoying your lifestyle and not have to cut back to make monthly payments on your new home.

Do Your Research

Before looking for your dream house, it is crucial to have an idea of what features, styles, sizes and neighborhoods you are most interested in. Try visiting open houses, local restaurants or stores and driving through different neighborhoods to get a feel for these areas and how they will fit your lifestyle. Once the research is complete, find a realtor who specializes in the areas you are interested in, as they oftentimes find the best deals that most match your criteria.

Keep a List of Important Features

After doing research you should have a list of features that are important as you begin the house hunt. Some of these features may be flexible while others are must haves or must not haves. It is important to look beyond the current décor (or lack thereof) and at the house as a whole while making your decision.

The Importance of the Right Location

The most quoted phrase in real estate is “location, location, location,” and for good reason. Even the best house, if in the wrong neighborhood, will lose value and will not be a long-term housing solution. While walls can be painted and renovations can be made, moving a home is not a feasible task in nearly any situation. This is one of the reasons it is so crucial to pick the right location to match your lifestyle and needs.

Making an Offer

While making an offer, deal with a trusted real estate agent to ensure the appropriate paperwork is completed, the offer is correct, the appraisal matches your price point, the inspection has cleared and the negotiations are handled appropriately. Many times buyers need to make offers on many different houses before an agreement is made and the home is purchased. It is important not to get frustrated, but to continue looking for the home that aligns with the research you’ve completed. Remember to have fun and enjoy the process of finding your new home!

Following these five steps will make your first home purchase a smooth process and help you land your dream home. Working with a trusted realtor will also help make for a smooth transaction. If you are looking to purchase a home in South Florida, please click here to begin chatting with a South Florida Real Estate Expert today.