5 Steps to Purchasing Your First Home
If you’ve wanted to enter the housing market for the past two years but couldn’t stomach the record-breaking price that homes were being sold at… Now is your chance!
With the Feds increasing the interest rate to try and correct the market and beat inflation, your mortgage may be a bit more expensive but homes are a bit more reasonably priced.
That being said, if it’s your first home that you’re about to buy, here are the 5 steps you should follow.
1. Save for a Downpayment
If you’re looking to buy a home, the first thing you should be doing is saving for a downpayment. Ideally, you would need to save a % percentage per your state’s laws but the more the better.
Another thing you should also consider at this stage is saving up for the costs that are associated with buying a home. Some of these costs include, but are not limited to, land transfer tax, lawyer fees, home inspection, and title insurance.
2. Get a Mortgage Pre-Approval
Once you have your money set straight, it’s time to go to the bank and find out how much they’re willing to lend you for your mortgage.
They will consider different aspects such as your income, credit, downpayment, and more to establish an amount.
3. Set Expectations
Once you know what dollar amount mortgage you can afford, it’s time you sit down and consider what your wishlist is. Determine what kind of home you want, how many bedrooms, how many bathrooms, etc.
Have this checklist in hand as you will need it for the next (exciting!) step.
4. Find a Home
Now that you have everything set up, you can reach out to a real estate agent and get started with your house hunting!
Make sure to interview a few real estate agents so that you’re sure you are picking one that represents your interests and can deliver what you want and need.
5. Make an Offer
Once you’ve found the house of your dreams, you can now work with your real estate agent to put in an offer and start negotiations!
If the home is meant to be yours, it will be!
We hope this blog post is helpful for those of you who are looking to buy your first home. That being said, happy house shopping!