Buying a new home is a big step … perhaps the biggest you’ve ever taken. With so many things to consider, it’s easy to feel overwhelmed. But don’t worry, we’re here to help.
Before you start your search, keep the following dos and don’ts in mind, so you can approach the home-buying process with confidence.
- Get a pre-approval letter from a lender before beginning your search. This will give you a better idea of how much house you can afford and prevent you from falling in love with a house that is out of your price range.
- Research neighborhoods before narrowing down your search. Pay attention to things like crime rates, school districts, and noise levels. You want to find a neighborhood that you feel comfortable calling home.
- Consider all the costs associated with homeownership beyond your mortgage payment. Things like property taxes, insurance, maintenance, and repairs all need to be factored into your budget.
- Go into the home search with a realistic idea of what you want and need in a home. Prioritize your must-haves versus your nice-to-haves to avoid getting overwhelmed by too many options.
- Work with a real estate agent who has your best interests at heart. A good agent will help negotiate on your behalf and will provide guidance throughout the process.
- Don’t be afraid to ask questions – no question is too small when it comes to something as important as buying a home!
- Don’t forget about closing costs. These are the fees associated with transferring ownership of the property, and they can add up quickly. Typically, closing costs are between 2% and 5% of the purchase price of the home.
- Don’t purchase any big-ticket items before closing. Furniture, electronics, and appliances can wait until after you close on your new home. Not only will this help to keep your credit in good standing, but it will also give you a chance to see the space and get a feel for the layout before you start buying.
- Don’t skip the home inspection. Hiring a professional home inspector will help uncover any potential problems with the property that could end up costing you down the road. It’s better to know about these things upfront so you can decide if they’re something you’re willing to deal with or if you want to continue looking for another property.
- Don’t go it alone! Work with professionals like real estate agents, loan officers, and home inspectors who can help guide you through the process.
By following the above dos and don’ts, you’ll be well on your way toward successfully finding and purchasing your next home.
At Provident Lending Group, we have helped thousands of homeowners finance their dream homes and we’d love to help you, too.
Contact a Provident Lending Group mortgage professional today to get started on your game plan for homeownership.
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