If you’re a first-time homebuyer, feeling overwhelmed about the challenging task at hand is pretty normal. I get a lot of worried buyers who think that getting their dream home would be either too pricy or close to impossible. As their real estate agent, it is my job to make things easier for them to go through the whole home buying process. The following are some important things that you need to ask yourself when you’re looking to buy a new house.
Do you need a realtor?
Home buying can be a time-consuming task and it can be difficult too particularly to first-time homebuyers. This is where a real estate agent comes in. A realtor can help you understand what it takes to buy a property. He or she can also protect you from making mistakes that can cost you a lot of time and money. Most importantly, an agent will ensure that you won’t feel overwhelmed during the whole home buying process.
How much can you afford?
Now this is a very important question and as a homebuyer, you need to make sure that you know how much money that you can spend on the new house. Make sure you fix your finances, keep them up-to-date, and remove all the unnecessary expenses. Meet with a loan officer so he can evaluate your current financial situation. He can also help you determine how much loan that you can afford.
Always remember that there would always be additional costs on top of the total selling price. Generally, these additional expenses would be about two to six percent on top of the agreed purchase price. So don’t forget to do your math and always keep a little extra to cover the miscellaneous.
Is pre-approval needed?
Yes, pre-approval is needed. Being pre-approved will show home sellers that you are serious in buying a property. You would need to prepare some documents that are prerequisite to getting approved. These are W-2 forms, income tax returns for the last two years, most recent pay stubs, bank statements for the past two months, and credit report. If you have alimony or child support, make sure to include those documents too.
What kind of house are you looking for?
I often ask my clients about their preferences or specific features that they would want in a home. How many bedrooms? How many bathrooms? What about the lot size? Create a list of all the things that you want and need so that your realtor can have a clear idea of what he or she needs to look for.
By the end of the day, it is important that you know and understand everything about the home buying process because this is a big financial and life changing decision. It's also crucial that you're aware about the current value of your home. My door is always open for you and I can help you look for the right house. Contact me for more information.
Sean Blanchette(703) 371-5710Sean@FrontDoorHomes.com
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