Home Buying Guide
Buying a home can be equal parts exciting and overwhelming. Making it from pre-approval to closing can feel like a staggering journey, which is why we’re here to help. Whether you’re a first-time homebuyer, relocating to the area, or looking for a new vacation house, this guide will help keep you on the right path every step of the way.
The Process
Additional Information
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Know the Market, But Don’t Try to Time It – Knowing the local real estate market where you’re buying will allow you to find better prices and possibly even credits and throw-ins. However, don’t obsess over the market; if you’ve found the perfect house that you can afford even when the market doesn’t favor buyers, go for it! The real estate market is cyclical, so waiting for the perfect time to buy will only lead to missing your chance.
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Don’t Skimp on Home Inspections – Hiring a home inspector ensures you’ll get a truly unbiased third-party opinion on the quality of the house you’re targeting. It may mean spending a little extra money, but it’s worth it.
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Make the Right Offer – Your agent will be pivotal to helping you craft the right price when you’re ready to make an offer, but it’s still important to remember not to overbid or underbid with your first offer. Making a fair initial offer means the seller won’t feel disrespected and will be more likely to consider your offer.
Everyone remembers buying their first home, though not always for the best reasons. Between the homebuyer’s guide above and a few tips for first-timers below, however, you can ensure your first home-buying experience is a memory you’ll cherish for years.
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Start Saving Early – Whether you’re paying 20% down or a smaller amount, your down payment is going to be a hefty sum. Start saving early so you’re not blindsided when it comes time to pay.
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Don’t Forget Sleeper Costs – You know about your down payment and monthly mortgage costs, but don’t forget to budget for other home ownership fees like property taxes. You’ll also want to make sure you have money left over for things you’re not expecting, like a broken washing machine.
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Manage Your Credit Smartly – When you’re applying for a mortgage loan, your lender will perform a hard check against your credit to make sure you’re reliable. Opening up multiple new accounts or making a splashy purchase (like a new car) are good ways to jeopardize your chances at receiving a loan.
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Buy with Your Head, Not Your Heart – Many first-time homebuyers end up with bad deals because they get too attached to a particular house. Always shop for the best value for your budget. Renovating is easy; undoing a bad financial decision isn’t.
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Get to Know the Neighborhood – Picking the right neighborhood is just as important as picking the right house. Research the schools (even if you don’t have kids, it’s a good indicator of value), look up crime statistics, test the commute to work, see how close the nearest grocery store is; this is all valuable information that will help you make the best choice for you and your family.
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Explore First-Time Buyer Programs – There are many helpful programs and mortgage options available for first-time homebuyers that can help ease the burden of purchasing a home. Talk to your real estate agent to find out what you might be eligible for.