Looking to buy a home for the first time and don\u2019t know where to start?<\/p>\n\n\n\n\n\n
Whether you\u2019re getting a mortgage, choosing a real estate agent, shopping for a home, or making a down payment, we\u2019re here to tell you what you need to know as a first-time homebuyer.<\/p>\n\n\n\n
Homes aren\u2019t cheap, so chances are you\u2019ll need a home loan<\/a>. This is also known as a mortgage, and it will cover the cost of the home for a monthly fee.<\/p>\n\n\n\n With a monthly payment, mortgages also require a hefty down payment<\/a> at closing time.<\/p>\n\n\n\n So, how much can you afford? This will depend greatly on your income and a few other variables.<\/p>\n\n\n\n An online mortgage calculator will give you a ballpark figure. But for a more accurate assessment, get in touch with a lender for a mortgage pre-approval.<\/p>\n\n\n\n During this process, the bank will assess your credit history and credit score and then tell you whether you qualify for a loan, and how much you are eligible for.<\/p>\n\n\n\n A mortgage pre-approval letter also puts home sellers at ease, since they know you have the cash for a loan to back up your home offer.<\/p>\n\n\n\n When it comes to buying something, you typically purchase them yourself after some research. However, buying a home isn\u2019t that easy.<\/p>\n\n\n\n Buying a home requires a transfer of the deed, title search, and plenty of other paperwork.<\/p>\n\n\n\n Plus, there\u2019s the home itself. It may look like the perfect place to you, but what if there\u2019s a plumbing issue or a termite problem?<\/p>\n\n\n\n There\u2019s also much money involved. So before making a considerable payment, you\u2019ll want to have a trusted real estate agent by your side to guide you through the process.<\/p>\n\n\n\n Do some research and find an agent<\/a> that\u2019s best suited for you and your purchase needs.<\/p>\n\n\n\n Make sure to interview at least a couple of agents, because once you commit, you will sign a contract barring you from working with other buyer\u2019s agents.<\/p>\n\n\n\n Everyone dreams about their ideal house, and it\u2019s hard to settle for less than that. But we must understand that real estate is about compromise.<\/p>\n\n\n\n A general rule of thumb is for buyers to prioritize these three things: price, size, and location. But statistically, you can expect to achieve only two out of those three things.<\/p>\n\n\n\n For example, you may get a great deal on a massive house in a great neighborhood, but your down payment is higher than you were hoping for.<\/p>\n\n\n\n Or maybe you found a home in the right neighborhood for the right price, but it\u2019s a bit smaller than you imagined.<\/p>\n\n\n\n So, the trick is to find something you can live with, grow into, and renovate to your taste.<\/p>\n\n\n\n Once you\u2019ve found a home you love, jumping the gun and throwing in an offer is easy. But don\u2019t be hasty. Don\u2019t purchase a home or make any payments without doing your due diligence.<\/p>\n\n\n\n Be sure to add contingencies<\/a>. If something goes wrong, you can back out of the deal. The most common contingencies are the home inspection and financing contingency.<\/p>\n\n\n\n This allows you to request a resolution to issues if a professional home inspector finds any and to back out of the deal if your financing falls through.<\/p>\n\n\n\n Overall, a lot goes into purchasing a home, and it can seem scary when it\u2019s your first time.<\/p>\n\n\n\n Familiarize yourself with the basics of the process<\/a> and find a real estate agent that can guide you through the process.<\/p>\n\n\n\n SOURCE<\/a><\/p>\n\n\n\n S&D Real Estate Services, LLCChoosing the right real estate agent<\/h2>\n\n\n\n
The \u2018perfect\u2019 home doesn\u2019t exist<\/h2>\n\n\n\n
Do your homework<\/h2>\n\n\n\n
2000 E. Edgewood Drive; Suite 103
Lakeland, FL 33803-3600<\/p>\n\n\n\n