5 Steps to Buying your First Home - Written by sara miuccio
Thinking about buying a home? I am here to help!
Buying a home is a big decision and can be an exciting but rather daunting and overwhelming process at times. Before diving into your home-buying journey, especially if you are a first-time homebuyer, it is important to take the time to follow a few important steps to ensure you are making the best decision for your future.
STEP 1: REVIEW YOUR FINANCES: Before you even start looking for a home, it’s important to review your finances and have a solid understanding of your income, expenses, debts and credit score. This will give you a better idea of what you can afford, how much you can put down, and what type of loan may be the best fit for you and your financial situation.
STEP 2: DO YOUR RESEARCH: Reach out to a few local mortgage lenders to find out what mortgage options are available to you and what will best suit your needs. Mortgage loan products can vary from bank to bank and some may offer incentivized programs that could help save you money down the road. Most agents have strong recommendations in this category!
Along with researching your mortgage options, it is also beneficial to do your research on the different housing markets in your area. Start driving by the neighborhoods you would want to live in and figure out which communities are a better fit for you. Research schools, shopping, restaurants, go to local playgrounds and talk to people that live there.
STEP 3: GET PRE-APPROVED: Once you have done your research it’s time to get pre-approved! This will give you a better idea of how much you can actually borrow and give you an edge when negotiating with a seller on a property. Additionally, getting pre-approved can oftentimes speed up the process of getting a loan, as your lender will already be familiar with your financial situation.
STEP 4: HIRE A REAL ESTATE AGENT: Working with an experienced real estate agent can be an easy way to simplify and navigate through the home-buying process. They can provide invaluable assistance, for example, guiding you to the best properties to buy, negotiating the best price, and handling all the paperwork.
STEP 5: THE LIST: Be sure to make a list of your wants, needs and dreams for your new home and discuss that with your realtor. This will help you narrow down your search and make sure you are only looking at houses that meet your needs.
Sometimes taking the first step is the hardest, but it can go a long way! As real estate professionals our job is to take the pain out of the process. We’re your partner, your friend, your financial advisor, your therapist and your guide. We don’t just write offers, we translate, negotiate and go to bat for you every step of the way!
-Sara