It can be frustrating to be a first-time homebuyer if you aren’t prepared. Here are 3 tips from The Finigan Group on how to find your dream home-without losing your mind.
1. Get Pre-Approved for a Mortgage Before You Start
Know what you can afford before you start your search. By getting a pre-approval letter, you demonstrate to sellers that you are serious when you write your offer and it proves you can afford the home.
Benefits Of Preapproval
Some of the benefits of getting preapproved include:
- You know exactly how much home you can afford. You and your real estate agent know your home-purchasing power once you have a preapproval letter in hand. This will help you shop within your budget.
- You can make a stronger offer. Sellers need to know that the buyer they choose can afford their home. A preapproval shows a seller that you have the money needed to purchase the home.
- You’ll experience fewer surprises. When you’re preapproved, you’re less likely to run into last-minute surprises or delays with your mortgage lender.
The bottom line? Request a preapproval before you start shopping for a home. Read on to learn why a preapproval may not reflect the final loan offer.
2. Focus On WHERE You Want To Live
They say the three most important things to think about when buying a home are location, location, location. You can change almost everything else, but you can’t change your home’s location. So when you go house hunting, consider proximity to your work, how the home is situated on the lot, ease of access, noise from neighbors, and traffic. Also think about access to parks, shopping, schools, and public transportation.
3. Choosing The Right Realtor.
Buying a house is a big deal, so you’ll want to select a qualified real estate professional to represent you in your transaction—someone who is both knowledgeable and will look out for your interests.
As a first-time buyer, you may not know there are differences in buyer’s representatives. If you select an aggressive buyer’s representative, you can be assured you’re working with someone who has received special training in representing buyers and has already established a track record with buyers. Find out who serves your area and interview more than one buyer’s agent before deciding who offers the best fit in helping you navigate your first home purchase.