Tips for the First-Time Buyer
Buying a home is a major undertaking for anyone, especially for those who have never done so. As with any large purchase, the process can sometimes bring with it a bit of anxiety. Aside from working with an experienced South Florida real estate professional, there are other ways you can alleviate that stress when preparing for a home search.
Here are some tips for ensuring your first home purchase goes smoothly.
Do Thorough Research
When it comes to buying your first home, research is a vital aspect of the process. The research you do should not be limited to searching for available listings. Instead, it is advisable to actually visit prospective neighborhoods, getting a feel for what living there would truly be like. This means visiting on different days of the week at various times, and even testing out your commute. Not only will this give you some peace of mind by providing assurance that you have chosen the right property, it will also lessen anxiety after the move as you will already know the lay of the land.
Know What You Can Afford
One of the first things you should do when planning to purchase a home is to utilize a home affordability calculator. This tool, easily found online, can assist you in determining the exact monthly mortgage payment that falls within your budget. From there, you will want to check your credit score and get pre-approved for a mortgage. Doing so saves you from worrying about it when the time comes to make your purchase, and also ensures that you and your real estate professional are fully aware of your budget from the start.
Don’t Skimp on the Home Inspection
Closing on a home without having a professional home inspection is setting yourself up for failure. Yet, many first-time buyers are quick to overlook the importance of doing so. A home inspector will likely save you money down the line, and at the very least you will benefit by knowing exactly what aspects may call for repairs eventually.
Prepare for All the Costs
There’s more to the cost of buying a home than a downpayment. As a first-time home buyer, you will need to make sure that the other costs are saved for as well. These include the cost of the aforementioned inspection, closing fees, the application fee, attorney’s fees, HOA transfer fees, insurance, and potentially other expenses depending on the particular situation. Saving money benefits you in other ways, as well. For instance, your credit score won’t show any other major purchases before obtaining a mortgage — a detail which will reflect well with lenders.
Trust the Experts
If you have enlisted a seasoned South Florida real estate professional to assist you in your home search, the best thing you can do to ensure your transaction is successful is to trust their expertise. At Stein Posner, our professionals work closely with you to understand your needs so that together you can best fulfill them. So, if a friend insists that waiting until the market changes is the best move, consult with your real estate professional instead. Otherwise, you may just miss out on the home of your dreams.
If you’re planning to buy your first home, a South Florida real estate professional at Stein Posner is here to answer any questions you may have. Give our office a call today!