Buying a home is a major decision, and it’s likely to be one of the most important ones you make in your lifetime. You may be having visions of your dream home that have you checking out every neighborhood and scanning for real estate signs. Before you jump out into the unknown, check out these tips for first time home buyers that can reduce stress during the home buying process.
Tip One – Check Your Credit
Before you begin with your house searching, take some time to request a credit report and see where you stand. If your credit score is less than impressive, focus on doing what it takes to improve this score. Avoid making purchases for items like cars during the period of time when you’re buying a home. While being able to purchase a car is a wonderful thing, it may have a negative impact on your credit worthiness.
Tip Two – Savings Account
You should have a nice sum of money saved to cover the down payment, closing costs, and any expenses associated with buying a house. You may think that a home mortgage loan will take care of those things. However, it’s up to you to cover those costs out of pocket. Consider that you may decide to purchase a home that needs a few repairs or upgrades. You’ll want money set aside to cover those.
Tip Three – Get Pre-Approved
While you may be anxious to begin your house search, you will want to seek the pre-approval of a home mortgage loan. This will help you to know which price ranges to search within because it tells you how much money the bank is willing to loan you. Another plus to being pre-approved for a mortgage loan is that it shows sellers that you are serious. If it comes down to a bidding war between you and another buyer, the pre-approval may just be the thing that gives you the advantage.
Tip Four – Create Lists
Put together a list of things you feel are must-have items in a house. Put together another list of things you feel are deal-breakers when it comes to buying a house. Consider how many bedrooms you may need, and be sure to look toward the future. Do you need a large backyard? Do you prefer a formal dining area as opposed to an eat-in kitchen? These lists will help keep you focused and give your real estate agent an idea of which houses on the market are right for you. This will save you valuable time.
Tip Five – Real Estate Agent
Once you’ve repaired any credit problems, grown your nest egg, and created your lists, it’s time to find the right real estate agent to assist you during the home buying process. Choose a real estate agent that cares about your needs, communicates at a high level, and is familiar with the area in which you want to live. Your real estate agent has access to current real estate market information that is valuable when you’re searching for a house to buy.
Tip Six – Be Realistic
Once you’ve chosen a house that suits your needs, you’ll make an offer on the house with the help of your real estate agent. The offer doesn’t always match the asking price, and your real estate agent is the best one to help you sort out the right amount. The stronger your offer, the better chance you have of getting the house you want. Keep in mind that the sellers may receive multiple offers at the same time. This means that you need a real estate agent that is a pro when it comes to negotiations. Keep your hopes alive during this part of the process, but be realistic when it comes to understanding that someone else may outbid you.
Buying your first home should be an exciting time in your life. It’s worth it to do everything you can to ensure that the home buying process goes as smoothly as possible. One way to do this is to plan ahead. Fix your credit, save some money, create your lists, and then seek the help of a qualified real estate agent to help make your home ownership dreams come true.
Call The Wright Choice Team today at 804-307-2589 to tour available homes for sale in the Chesterfield County area.