Tips for First Time Home Buyers
We all go through that phase at one time or another. A couple out on the market, getting out of that apartment life and really trying to settle down in an area you feel comfortable in. It’s a large transitional step, and one that shouldn’t be taken lightly. The Lucas Howard Group wants to share with you some helpful tips for first-time homebuyers to keep your search as easy as possible.
Get a Lay of the Land
Before you even begin to look at a potential home, please be sure to get a general idea of the neighborhood you are moving to. Look around the neighborhood throughout various times of the day if you can to see what the feel is like. Also, scope out how far the house will be from your workplace, or the nearest grocery store. Factor these into your house search and you will have a more focused outlook in your house search.
Get Pre-Approved First
Anyone can get pre-qualified for a loan, but if you get a pre-approval statement, you are more likely to get that buyer’s agent that will help you out, as well as better interest rates and better deals. Why? Getting pre-approved tells you exactly what you can afford, and what the bank is willing to loan you. It helps create your budget, and maintains a sensibility of what you can and can’t afford.
Don’t Try Timing the Marketplace
If you’ve heard of the perfect seasons to buy houses, then you understand the importance of seasonality. However, waiting for the perfect season to buy a home is near impossible. You want to know when the best time is to buy a home? When you find the right house, and know you can afford it. Plain and simple. The real estate cycle is a continuous, up-and-down cycle, so don’t wait for the right moment to buy.
Check your Credit
If you are ready to take out your mortgage loan, be sure to know what your credit score is. It’s an important number to know exactly how much money you are able to take out, interest rates, and potentially loan terms.
Think Long Term
If you are deciding on a house for the long haul, be sure to factor in all potential futures. Do you plan on having kids? A pet? Or is this just for a couple of years? How do you plan on reselling it? Be sure to have these thoughts in mind when picking out homes. It’s your future, so be sure the house fits with your plans.