Buying and Moving to Your First House

Are you looking to buy your first home? Today, first-time homebuyers make up 31 percent of all homebuyers in the market. This is one of the most exciting times in many people’s lives.

But it’s no secret that it can also be one of the most stressful. The good news is, it doesn’t have to be. 

When preparing to buy your first home, there are many things you can do to both simplify and speed up the process. Whether you’re looking to find local real estate listings or need advice on mortgage loans, this article can help. 

For our top tips on buying and moving into your first home, read on for our basic guide.

1. Create a Savings Plan 

When working toward buying your first home, the top factor to consider is your finances. In 2021, the average down payment on a new home is 59,880 dollars. As our top tip in preparing for this big purchase, create a savings plan early on. 

The first step in creating a savings plan is to determine your budget. Other than mortgage payments, there are more expenses to consider like taxes and homeowner’s insurance. You should also consider any down payments or closing costs that you may have to pay. 

To account for these expenses, create an organized spreadsheet to keep track. This tip can not only help you prepare for unforeseen circumstances but also help you determine if you might need a home loan. For more on fixed home loans, variable home loans, and how to find the best one for you, click to learn here

2. Connect With a Real Estate Agent

Real estate agents can both save you time during the home shopping process and help you find the property of your dreams. To find the best agent for you, search for a list of real estate agents in your area or the area you’re moving to. The right agent will help you make crucial buying decisions and negotiate with sellers. 

Before hiring an agent to either sell your home or find you a new one, consider having an in-person meeting with several top choices. This meeting can help connect you to someone who is knowledgeable about the market and understands your unique wants and needs. Trained real estate planning attorney Los Angeles agents can also assist you with questions to ask a home inspector or how to find the best moving companies. 

Working with a real estate agent who is passionate about finding the right home for you can make your experience even more exciting.

3. Get Approved For a Mortgage 

Once you have the framework for a budget and a trusted real estate agent or advisor, getting approved for a mortgage is another important step. While the mortgage loan process may seem daunting, consulting with several lenders can help. This allows you to find the best rates and deals for your budget.

Before filling out a mortgage loan application, be sure that your credit and other finances are in good shape. These factors can affect your eligibility and interest rates. The better your finances, the lower your interest rates may be.

Next, you must determine whether you want a fixed or adjustable rate for paying off the loan. With a fixed mortgage rate, interest won’t change over time. With an adjustable mortgage rate, the price may start low, but will gradually increase as time goes on. 

When submitting your application to lenders, they may ask you for your job history, pay stubs, Social Security number, tax returns, and more. Providing this documentation is crucial to get approved for the best rate.

4. Weigh Your Options

The most exciting part of the home buying process is visiting different neighborhoods and touring homes. Before visiting houses in different areas, consider creating a checklist of features you want and need in your future home. Referring to this checklist can help save you time and find the property of your dreams. 

If you must have that open layout or you’re sure you want the backyard swimming pool, these are great factors to list when weighing your options. You should also consider if you’re searching for a turn-key home or one that will need some renovations. 

Another important factor when finding the home of your dreams is to explore the neighborhood. Do you want to live in a quiet, quaint area in the country or a more lively, vibrant area close to downtown? These should all be considered before you start weighing your options for house listings. 

5. Consult With a Home Inspector

One of the most important aspects of buying a house is ensuring that you’re getting the best quality and price. By consulting with a home inspector, you can determine any necessary repairs that can save you money off the sale price. Home inspectors also help ensure that the property is structurally safe for you to move into.

In many cases, your real estate agent will have recommendations for the best home inspection companies in your area. You might consider talking with your home inspector about what they check for, what they do not check for, and their work history. Another question you may want to ask is if you can come along with them during the inspection.

This can provide you, the home buyer, with the comfort of knowing that your inspector is being fully transparent. Finally, consider asking the inspector if they have any major concerns after walking the property. While you will receive a detailed report of all that may need to be fixed, this answer can help you determine what is at the top of the priority list.

While this process will cost you money out of pocket, it’s worth it to find the best property. 

Prepare for Buying Your First Home

Buying a house is something that many of us dream about for years. But once you reach this point in your life, it can oftentimes feel overwhelming. By prioritizing these five steps, you can feel more prepared and excited to buy your first home. 

For more on real estate, business, lifestyle, and more be sure to check out the rest of our helpful articles.