3 Steps to buying a new home
Before you begin your home search, it’s a good idea to get a better picture of your finances and what you might need to do in order to buy your next home. Buying a home is likely one of the biggest financial commitments you will make, so there is a lot to consider before starting your home search.
These 3 steps can help put you on the right path to begin the home buying process.
Having a good idea of your savings and your monthly spending can help you determine what your budget might be. You will need to have money set aside for a down payment and closings costs. You will also want to have a good understanding of how much you are spending monthly so you can make sure you are comfortably in your desired budget when you start your search.
Finding someone you trust and work well with is so important. Your Realtor will be your point person throughout the entire process. From connecting you with a reputable lender, determine what needs you have in a home to submit a strong offer, inspections, negations of repairs and everything in-between this person will be in your corner every step of the way. Best part, is that their services to you are FREE FREE FREE! A buyer agent’s commission is paid for by the seller, so make sure you are getting represented for your own interests by having a buyer agent that represents YOU!
It is SO important in this market to have your pre-approval ready to go when you start your search. If you find a home you love, you don’t want to be scrambling to get your approval while others are putting in their offers – pre-approvals in hand. You will also want to look at what YOU are comfortable paying. Just because you are approved for a certain amount, doesn’t mean that you may want to pay that much. Take a look at your monthly expenditures and make sure you are considering your lifestyle when you are deciding your budget. A reputable lender is very important when making an offer in this competitive market as it plays a factor in sellers making a decision on which offer they accept. Do your research to find a lender you like – or ask your realtor for recommendations.
Taking these steps can put you in a better position when you are ready to begin your search. You don’t want to fall in love with a home and then try to play catch up – especially in this current market when there is a lot of competition and things tend to move fast.
Thinking about buying in the near future? Send us an email at hello@hablehomes.com!
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