The following tips can be helpful to anybody purchasing a home, but are especially beneficial for those who are doing so for the first time:
Work with a real estate agent
As a first-time homebuyer who is unfamiliar with the process, purchasing a home can be especially overwhelming. A real estate agent can help you through every step of the way—from helping you find the home that’s ideal for you, to assisting you with the closing process. As the buyer, you don’t pay anything for enlisting the help of a real estate agent, so you’ve got nothing to lose.
Before you begin shopping around for a home, it’s important to get pre-approved first for a mortgage to see where you stand. Although a pre-approval is not ironclad, it is a pretty good indication of how much financing you’ll be approved for when it’s time to purchase your home. Without getting a pre-approval, it can be very difficult to know what types of properties you should be looking at. For example, you might have crunched some numbers and determined that you can afford a home that costs $250,000, but you might only be pre-approved for $150,000. This would mean that you’d either to need save up more money and pay the difference in cash, or that you’d need to lower your housing budget. Additionally, many real estate agents prefer to work with homebuyers who already have a pre-approval. Getting pre-approved, in general, can also save you a lot of time. If you go through the house hunting process and you’re ready to make an offer, and then apply for a mortgage—only to find out you aren’t even eligible at the moment to receive a home loan—you will have wasted all that time and energy house hunting.
Get a home inspection
Even if the house looks great and everything seems to be working properly, it is crucial to get the home inspected first, especially if you’re thinking about buying an older property. A home inspection can uncover any underlying issues with the home, which could save you from buying a house that could end up turning into a money pit. Avoid any potential frustration by getting the home inspected before you buy it.
Know what you want
Whether you search online for listings or work with a local real estate agent, the first thing you’ll be asked is what you’re looking for in a home. But this goes beyond size, area, and maximum price—think carefully about what you really need in a home, and what you could do without. There are a lot of things you can eventually change about the home you purchase, but there are some things you’ll never be able to change and you don’t want to have any regrets later on about such a huge purchase. Think carefully and make a list of qualities in a home that you absolutely must have, and things that you’d like, but could do without.
Do you have dreams of becoming a homeowner, but need the money to make it happen? If you’re receiving long-term payments from a structured settlement or annuity, Peachtree Financial Solutions may be able to help get you the cash you need. You may have the option of selling some or all of your future payments and receiving money sooner. Contact us today to find out more and to receive your free quote!
Nothing above is meant to provide financial, legal, or tax advice. You should meet with appropriate professionals for such services.