Buying Your First Home? Know What You Should Be Doing
The process of buying a home can feel a bit overwhelming with so many things that need to be done. Thankfully, a real estate agent helps walk you through the entire process as your guide. Here are some things that you should know when buying your first home to improve the process.
Make Sure You Qualify For Financing
You are going to need to secure financing in order to get a mortgage, and it's important that you make this one of the first things that you do. That's because the amount of money you are approved for will make a huge difference in what kind of homes you can browse. If your credit score and existing debts disqualify you from getting a more expensive mortgage, then you will need to focus your search on those homes that can practically be bought.
Put Thought Into Your Offer
When you eventually do find a home that you want to purchase, you'll need to make an offer to the seller and hope that they accept it. However, there is a lot that actually goes into an offer that your real estate agent will help you with.
The first thing is making sure that you are not overpaying for the home, which involves looking at similar homes that have sold within the past few years to see what price they have sold for. Does the price of the home you want seem fair? If not, you'll know if you should be offering more or less than the list price. The other factor that comes into play is all the competing offers that may be on the home. Your realtor needs to determine how much more you are willing to pay above the list price to beat out the competition, but not so much more that you have regrets.
Get A Home Inspection
It is highly advised that you do not skip the home inspection process when buying a home because it is essentially the only time that you can have a professional look at the home and tell you what is wrong with it before you buy it. If a seller is pressuring you to waive the home inspection, treat this as a red flag that something may be wrong with the home. Hopefully, the home inspection comes back with good news and you can feel comfortable moving forward with the purchase of the home.
If you want to buy a home, talk to a local real estate agent.