What To Know About Buying Your First Home
Getting a Mortgage
One of the main concerns for First Time Home Buyers is the fear of being rejected. To lessen the stress, you may want to get pre-approved for a loan before looking at homes. This will provide you a sense of confidence and it will also give you an advantage when its gets time to make an offer on a home. Begin your pre-approval process now.
The costs involved in the purchase of a home can be overwhelming to first-time buyers. However, with the help of a real estate professional, you can calculate out how much you will be able to pay each month in mortgage payments, and from there, what prospective homes offer a feasible payment plan.
The down-payment amount varies depending on the value of the home you choose and your mortgage lender. And in some cases, first-time home buyers can purchase a home with no money down. Although it varies from state to state, most offer government-funded programs for first-time buyers that help people buy a home with no down-payment. Your Berkshire Hathaway HomeServices Florida Network Realty agent will be able to explain the different options available to you.
First-time buyers often forget to consider the closing costs when making an offer on a home. Paying closing fees of up to 10 percent of the home sale amount is not unusual. Add that to the down-payment and you'll have quite a sum to raise before the final papers can be signed. However, a smart first-time buyer takes this into account before making an offer, and with some professional help, the costs can be estimated in advance.
Don't feel pressured into making an offer on the first home you see. This is a common mistake of many first-time homebuyers. Make sure you view different homes to get a feel for the marketplace. When you do decide on a home to make a bid on, work with your real estate professional to get all of your questions answered first before making an offer. But don't wait too long to make an offer. The longer you wait, the greater the chance other prospective buyers may place offers, making it harder for you to negotiate a good deal.
Condition of the Home
Buying a "problem" home is another fear of first-timers. A home that needs major repairs can become a costly venture. And, unless the asking price is adjusted to reflect the hidden repairs needed, chances are the home is not worth as much as the seller is asking for it. To avoid unfortunate surprises, your real estate professional may advise you to hire a home inspector before making a serious offer. At Berkshire Hathaway HomeServices Florida Network Realty, this is an important consideration for you – learn more about home inspections. That way, you know what you are getting into.
Above all, remember that there are no silly questions. Make sure you understand and are comfortable with every aspect of the transaction. Your Berkshire Hathaway HomeServices Florida Network Realty professional can be an invaluable asset in helping you make educated decisions so that your first-home purchase is a rewarding experience.