Whether you’ve just started researching or you’re ready to start house hunting, we’ve gathered a few tips to help you on your home buying journey.
1. Save
2. Research
3. Get Pre-approved
4. Work with a realtor
5. Have patience
Save:
While you may have saved for a down payment, there are other costs that you should consider when purchasing a home. Closing costs, such as escrow and title fees can add up. Also, take into account taxes and insurances. Don’t let these additional expenses catch you off guard.
Make sure to budget for home inspections. A professional home inspector can help you identify any potential problems with a home before you buy it, potentially saving you a substantial amount in unexpected repairs. Lastly save for planned and maintenance expenses.
Your dream home might be selling “as is” and could potentially need a little elbow grease and a new water heater. Budgeting for things like this goes hand in hand with maintaining your new property.
Research:
While perusing home listing sites online can be an enjoyable pastime, these webpages can also provide valuable insights about your local housing market, (just make sure you don’t put too much confidence into their monthly payment estimates).
You can familiarize yourself with the housing market in your area to know what to expect in terms of home prices and availability.
During the research process, determine your needs and wants. Make a list of what you're looking for in a home and what you're willing to compromise on including neighborhood. Consider proximity to schools, shopping, HOA’s, etc.
Get Pre-Approved:
Before you start looking at homes, it's a good idea to get pre-approved for a mortgage so you know how much you can afford to spend. If you’re ready for this step, you can apply right here! Our mortgage experts are here for you every step of the way making your home buying experience as seamless as possible.
Is this your first time buying a home? You may be eligible for first time homebuyers grant funding.
First time homebuyer’s grants will become available beginning March 6, 2023. Work with one of our mortgage experts to see if you qualify. Send us an email.
Work with a realtor:
After you’re Pre-Approved, we suggest you find a real estate agent. A realtor can help you find homes that meet your specific needs and style. Realtors usually have leads on homes going onto the market before they list online, giving you an edge over the website watchers.
In addition to giving you more search power, they also provide valuable insights into the home buying process. A good realtor will also advocate in your best interest during negotiations.
Be patient:
Wrapping up, our last tip is to be patient. Buying a home is a big decision and takes time. Be prepared for the process and find a home you love.