As a first-time homebuyer, there’s a step-by-step roadmap to success that we want to share with you to make sure you have the best purchase possible.
First, before you head out on your adventure, check your equipment. By this, I mean pay your bills on time and check your creditworthiness. Remember, the higher your FICO score, the lower your monthly payment. If your credit score is high, your monthly mortgage payment will be more comfortable than the rent you’re used to paying.
After that, save some money. You’ll need funds for your down payment, closing costs, inspections, surveys, the appraisal, and anything else that will come up during the buying process. If you save a little now, you’ll save a lot in the long run.
Step two is to select a trusted navigator. Be sure to interview an agent before you decide to work with them so you’re confident they’ll be able to help you manage the biggest purchase of your life. Also, make sure you select a trusted mortgage lender—someone who can help you understand your buying power, what your estimated monthly payment would be, how much you should expect to bring to close, and, most importantly, which loan program best suits your needs. If now’s not the right time to buy, they’ll provide you their own roadmap to get you back on track.
Next, get to know the market. Are you in a buyer’s or seller’s market? Do you know the average list-to-sale price in the area you want to move to. These are important factors to know when searching for your next home.
Now comes the fun part—pick out your top five homes. By now, your agent has been sending you tons of newly available homes to look over online, so get rid of the clutter, rank your top five, and hit the road.
When searching for your prospective home, everyone you know will have an opinion on which one is best, so hire a professional, ask a lot of questions, and make sure you’re confident in your decision. This is your home and your future.
Lastly, avoid the potholes and the road rage. It’s not uncommon for the first home you see to be “the one,” but it’s more likely you’ll have to tour a few homes to find the right fit—not just for your family’s needs, but for your budget too. This is why, again, surrounding yourself with professionals to help guide you through the entire process is paramount. We’ve been there before, and we’d love to help you.
If you have any questions about the home buying process or you have any other real estate needs, don’t hesitate to reach out to us. We’d be glad to help you.