According to U.S. News & World Report, spring and summer are the best times to move. If you’re considering a first-time home purchase, here’s what you should do:
Know what you can afford.
One of the biggest mistakes new homebuyers make is dreaming bigger than their pockets. It’s great to dream, but failing to be realistic can turn your dreamhome into a nightmare. Budget responsibly. Plan beyond the closing costs, insurance and mortgage. Factor in property taxes, association fees (if applicable), and utility payments. And remember to set aside savings for home maintenance and repairs.
Prequalification is not the same as preapproval. Prequalifying for a mortgage doesn’t guarantee the amount you’ll be able to borrow. It’s only an estimate based on unverified finances. Preapproval provides you a more concrete number to work with, as lenders run your credit and verify your income prior to approving you for any amount. This is a much more solid number you can use to negotiate with sellers.
Bid below your means.
Just because you can afford it doesn’t mean you should buy it. Make sure to have a few months worth of savings in reserve after closing. Emergency savings is a must-have, even more so after the purchase of a home.
Get a strong real estate team.
The right real estate agent should know your target areas, should make time for you, and will care enough to guide you through to closing. The right attorney is experienced in real estate law, will have your back, and, as a result, will give you the cold, hard truth about your legal decisions. Our lawyers do just that. Looking to buy, sell or refinance? Drop us a line or give us a call toll-free at (877) 721-7201 for a free consultation.