Saturday, 23 September 2017

Looking to Buy a Home: Top 5 Tips for First-Time Homebuyers

Written by Posted On Wednesday, 13 September 2017 22:24

The decision to purchase a home is one that should definitely not be taken lightly. The process comes with uncertainty and many potential bumps in the road. It helps to be as informed as possible before diving in your home search. Keep these five tips for home buyers in mind during your journey. ‘

1. Look into First-time Buyer Classes
The home buying process is so complex that it pays to take a class on everything you’ll need to know. You’ll learn about topics such as inspections, closing costs, offers and have a general overview of the process from start to finish.

2. Clean up your Credit
Know what is on your credit report. You want to have everything in order to get the best interest rate for your loan. Pay down your credit card balance to use less than 30 percent of your total available limit. Avoid applying for personal or automotive loans that may show as hard inquiries on your credit report and drag your score down. Each lender has their own requirements for a minimum credit score to be approved for a loan. If any information is inaccurate, file a dispute to get it taken care of and to potentially boost your score.

3. Know your Budget
There’s no use in looking at homes that you won’t be able to afford. Work out your price range before you start house hunting. Don’t forget to factor in taxes, homeowner association fees, and other things such as your homeowner’s insurance premium into that amount. Simply being pre-approved for an amount doesn’t necessarily mean that you can afford a home at that price on your income. Carefully analyze your financial picture.

4. Seek help from the Professionals
You don’t have to do everything yourself. Assistance is available from
Liz Carter & Realty Inc and others who know how to navigate the buying process from beginning to end. Having a realtor who is working for your best interests gives you reassurance that you’re in the right hands. You have someone to go to for questions or concerns and know that the information you receive is going to be accurate.

5. Get an Inspection
Most banks won’t fund a loan without a professional home inspection. Inspectors check for structural, electrical and other costly issues that could currently exist or pop up later on. An inspection can save you from buying a home that is a nightmare instead of your dream.

Try to keep calm and level-headed during the home-buying process. The journey from start to finish may seem long, but the overall result will be worth the time spent. You’ll avoid having buyer’s remorse and enjoy being a first-time homebuyer.

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Lizzie Weakley

 About the Author: Lizzie Weakley is a freelance writer from Columbus, Ohio. She went to college at The Ohio State University where she studied communications. In her free time, she enjoys the outdoors and long walks in the park with her 3-year-old husky Snowball.

From buying and selling advice for consumers to money-making tips for Agents, our content, updated daily, has made Realty Times® a must-read, and see, for anyone involved in Real Estate.

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