5 Important Steps for First-Time Home Buyers

As you’ve probably heard, today’s market offers many opportunities for  first-time home buyers. While shopping for your first home is an  exciting time, it can also be a stressful experience as you navigate  today’s market.

Before you begin looking, make sure  you’re completely prepared and know what to expect. Work with a  professional real estate agent who can help guide you through the  following five steps:

Step 1: Take an honest look at your  finances. Before you dive into the exciting part of  home-buying – the  search – make sure you have all your ducks in a row. Figuring out your  finances and crunching some numbers will allow you to set a realistic  budget.

Step 2: Secure a loan. After you get your finances in order, talk to  lenders and mortgage brokers to ensure you can secure a loan. Shop  around to get the lowest interest and overall best deal possible and  make sure you understand all the fees involved. Talk to your agent whose  brokerage may have an in-house mortgage lender you can work with.

Step 3:  Map out your criteria. Now that you have your funding in order, begin  your search. With a plethora of online home-search tools at your  fingertips, it’s relatively easy to map out different types of homes and  neighborhoods and find what is right for you. Make big decisions – like  urban versus suburban settings, an estimated property size and  neighborhood requirements – before you start to physically look at  properties. This will save you time and money.

Step 4: Take  notes. On your own and with the help of an agent, you’ve found some  houses you’re interested in looking at. Don’t venture out without a pen,  paper and camera. Keep track of important details by taking notes and  pictures. Have a list of questions ready and scope out neighborhoods by  driving around for a bit.

Step 5: Close the deal. If  you’ve found a home you love, don’t wait to make a move. I’ve seen many  first-time buyers miss out on a home because they got cold feet and  continued shopping around. Make an offer and be ready to negotiate. Once  a deal has been made, thoroughly read the contract and make sure you  understand everything before you sign. Then you will be ready to begin  with the appraisal and home inspection process.
As a Member of the Top 5 in Real Estate Network®, I have a wealth of real estate and homeownership information that may be of help to you. Feel free to contact me any time to learn more about this important information, and be sure to forward this article on to any friends or family that may be interested as well.

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About maureeningelsby

Realtor with Keller Williams Real Estate .
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