Owning your own home has always been part of the American Dream. But with that dream comes a lot of pre-planning and can feel stressful for many first- time buyers. Luckily, we have a few top tips to help make it a smooth transition to homeownership.
Decide on a budget.
Include in your calculations a down payment, property taxes, an HOA fees and any additional insurance that may be necessary in your area or region. There are great tools you can find online like a mortgage calculator to estimate your monthly payments.
Make a list of your non-negotiables.
From location to space to amenities, prioritize what is important to you. Keep in mind, it may be hard to find everything you want in one property but knowing what you want will certainly give you a head start.
Enlist the help of an experienced realtor.
A real estate agent who knows the area and has a large network of other real estate professionals is invaluable. He or she will also be able to refer you to loan officers and have a list of inspectors on the ready. If you know the area that you want to buy a home, ask friends or family for a referral.
Compare mortgage options and get pre-approved.
Different mortgages offer features such as lower interest rates or smaller down payments. Do your homework and learn about your options.
Ask your realtor what to expect in terms of closing costs.
Closing costs, which don’t include your personal packing and moving costs, can vary widely. Typically, these include things like a home appraisal, home inspection fees, titles, etc. Your real estate agent can give you a good estimate.
If you’re thinking about purchasing your first home, we have many experienced agents ready to help you find the house of your dreams. Start here and let CENTURY 21 Scheetz guide you.