For many interested homebuyers, it may be tempting to jump into the market by seeing houses first, but it’s important to understand a bit more about the home buying process to lay the groundwork for a successful, satisfying purchase.
First, you need to know how much you’re pre-approved for. Mortgage lenders will look at your income, savings and debts to calculate the price range you can afford. While it may be tempting to go looking at houses before you know what you’re approved for, it will lead to disappointment if you aren’t able to put an offer on one you find.
Second, understand the home buying process. Buying a home isn’t as simple as making an offer, and understanding what to expect the processes can help you avoid frustration. Your real estate agent will educate you about all things beyond the purchase price, things like closing costs, deposits, insurance and property taxes, the home inspection, the appraisal, and the legal contingencies that protect buyers and contract terms that protect sellers.
Third, it’s important to set realistic expectations before you start shopping. You need to know a general idea of what you want; the priorities that are non-negotiable such as square footage, number of bedrooms and bathrooms, whether you must have a basement or garage, and knowing which neighborhood areas you prefer to live, because there is one truth about location: You can change a house anyway you desire, perhaps by building an addition for extra space or even demolishing the structure and building brand new, but you cannot change it’s location.
Buying a home is a rewarding achievement and sometimes can be a stressful experience, but preparing beforehand can make all the difference. Contact Twin Spires Realty for more home buying and selling advice!