House Hunting Tips For The First Timer
Before considering moving, the best thing to do is prepare for the house hunting process. It can be an exciting time, especially if you are a first time home buyer! You may have spent a long time building up your financial profile whilst saving for a down payment. Maybe you are done renting and are ready to embark on real estate. Ultimately the process of buying a house can be long and arduous, especially for those who enter into the experience unprepared. So it is good to soak up all of the tips offered below.
Meet With a Mortgage Lender
The first thing you will want to do is meet with a mortgage lender you are interested in working with for your first home purchase and get a mortgage quote. This meeting will give you an idea of what loan options are available to you if you need to improve your credit score for the loan you want and how much you will need to save in terms of upfront costs.
Get Pre Approved for a Mortgage
A Mortgage lender can help facilitate the preapproval; process and help you find the best mortgage loan for you. Since you will want to be preapproved for a mortgage before making an offer on a home, you will want to get this done on the earlier end of the house hunting process. However, you do not want to get preapproved for a loan multiple times since the process will affect your credit score, so it is important to sort out your finances first.
Find a Realtor
You will want to find a real estate agent or Realtor to help you with your house search. These professionals will help you take the weight of house hunting off your shoulders and provide additional assistance with negotiating prices, making offers and closing in on a home. They are essentially your representative and mouthpiece. It is a good idea to search for realtors knowledgeable about the types of homes you are looking for.
Begin House Hunting
At this point, you will want to begin the most exciting bit, which is house hunting and looking for your forever home. You will need to start searching for homes that improve your lifestyle and suit your budget. On average most people will tour about ten houses before deciding on a home. It is good to research and get a good idea of the market and offer options you can share with your Realtor.
Make an Offer
Once you have found your dream house, it is time to make a competitive offer on the property. You will need to negotiate a price with the seller and prove your worthiness for the home over other buyers. These tasks tend to be much easier with the help of a Realtor or agent since you might find yourself in a bidding war for the property.
Set Up a Home Inspection
Some first-time buyers may skip the home inspection, but it is critical to the deal. Having a home inspection could save you hassle and money if the home you want is overvalued or needs repairs.
The last steps include finalising your loan and closing in on the house. Finally, all information regarding the title and deed will be transferred to the house and the money covering all upfront costs. It may seem like a lot and a very long, overwhelming process, but it is worth it in the long run when you get the keys to your first home.