Buying a home can be an experience that is thrilling, strenuous, and nerve-wracking especially if you are first time buyer. You will find it hard to determine exactly what you should expect. The learning curve when it comes to understanding the basics of real estate can be steep. However, most of the primary concerns can be addressed by performing some basic financial homework. To help increase your chances of having a stress free home buying experience, provided below are 10 simple tips that you can follow.
How Much Can You Borrow and Spend?
- Determine how many homes you can afford with the help of an affordability calculator. This calculator will consider factors like your income and debt to identify your spending limit.
- Know your credit score and ask for a credit report.
- Figure out your monthly payment by using the mortgage calculator. You can plug in varying potential numbers for the purchase price, interest rate, and loan amount, which you most likely don’t have a precise idea, so you can get a good picture of the expenses you need to expect before you actually make a purchase.
Look For A Mortgage Lender
- Look for the best terms and rates
- Know what the best type of mortgage is for you by talking to lenders and brokers.
- Ask for an estimate of the closing costs, which includes attorney fees and taxes.
- Get pre-approval for your home loan. You will not only a good understanding of the amount you can borrow and also appear as a serious buyer in the eyes of the seller.
Create A Must-Haves List
- Look for the best location. Choose between city, suburban, or rural life.
- Choose the price range that will let you live a comfortable lifestyle while meeting your monthly dues.
- Know how many bedrooms and bathrooms as well as your desired home’s general size that can accommodate you and your family.
- Differentiate must-haves from the things that you would like to have. You have to categorize the features of your dream home by importance to avoid potential headaches down the road.
Pick Your Target Neighborhoods
- Check out listing pages to get details about market trends, schools, amenities within the neighborhoods like grocery stores, cafes, parks, and the like.
- Check the internet about the crime rates in areas that you are interested in.
- Choose the specific streets where you would possibly like to reside. Picking a town or city, in general, may not be sufficient in terms of catering your specific needs. Keep in mind that neighborhoods vary greatly.
Find The Best Agent
- Look for an experienced agent in your area.
- Pick the best agent for you by taking into account the reviews and recommendations about the agent who are looking to hire.
Search For Your Dream House
- Go to open houses and check online listings with the help of your agent.
- Ask your real estate agent to arrange private tours of potential homes so you will have enough time to check it out, take measurements if needed, and evaluate the home’s features.
- Don’t forget to take down notes when you visit since it can be very hard to remember all the things you have observed in all the homes that you have visited.
Ask For The Details About The Properties You’re Considering To Buy
- Once you’ve narrowed down your research to a list of favorites, request for a list of comps to estimate the fair market value of each of the properties that are on your final list.
- Figure out the reason why the seller placed the property out on the market. It may eventually help you with your negotiation strategy. If the seller is in a hurry to relocate, he or she may be more willing to negotiate the asking price.
- Take into account the additional expenses that are associated with the buying and owning phases, and request for copies of the most recent bills such as property taxes, HOA fees, and utility bills.
Come Up With An Offer
- When you finally have the house that you wish to buy, be sure to come up with an offer that is based on the fair market value.
- With the assistance of your real estate agent, negotiate when needed and agree on a final purchase cost.
- Don’t forget to include your personal requests for repairs as well as your desired move-in date, well before you sign the Purchase and Sale Agreement.
Don’t Forget A Home Inspection and Appraisal
- Ask your real estate agent Myrtle Beach to recommend a certified and reliable home inspector as well as other professionals who may be needed for the inspection of your desired home.
- Refer to a home inspection checklist to make sure nothing is missed. It is better to be safe than sorry.
- The property must also be appraised professionally and use the findings you get to renegotiate the purchase price if needed.
Close The Deal
- Once you have completed the loan process with your lender, be sure that you everything is in order for the closing costs and down payments.
- During the closing day, be sure to order a final title search as well as the property title to be transferred from the seller to you.
- Now that you own your dream home, the next step is to make preparations required so you can move in.
Call Full Potential Real Estate, LLC if you need help finding your dream home.
Full Potential Real Estate, LLC
Myrtle Beach, SC 29577