If you’re ready to start working toward your dream home, you need to do plenty of research ahead of time to ensure that you are getting the best value for your money. Talking with a real estate agent prior to making a purchase is always a great first step toward the process of making an offer and negotiating with various sellers.
What else should be on your house hunting to-do list? Here’s where your work should begin.
Investigate Loan Qualifications
When you are sure that you are ready to move into a home, it is always a good idea to make sure that you qualify for a mortgage. If this is your first home, FHA or USDA loans may help you afford your down payment and provide money to upgrade your property. The first step is to get pre-qualified, which means that a lender will tell you how much you qualify for based on your basic income and credit information. Afterward, you can get pre-approved for a loan, which means your credit and income information has been verified as of the day it was granted.
Talk to an Attorney about Your Rights
In some states, it is mandatory to enlist the services of a lawyer when you want to buy a home. However, you should think about doing so even if it isn’t required. An attorney may be able to explain more about what sellers must disclose and other issues that may lead to litigation before, during, or after the transaction is complete. For instance, Key Largo litigation attorneys know that negotiations like these often present complicated legal issues. Having someone who can explain things to you makes the process much more straightforward.
Figure Out Your Budget
After you have found out how much you can borrow and talked to an attorney about your rights, it is time to figure out how a loan fits in your budget. Additionally, you have to figure out how much a home may appreciate versus how much you will ultimately pay in interest and taxes to own the home. You should also figure out if you can afford to pay your other bills and pay to maintain the home to avoid become house poor.
Purchasing a home is a momentous occasion in your life. Therefore, you want to make sure that you make the right choice when it comes time to close on the deal. Team up with a First Team agent now so you they can start doing some of the work for you.
Email us at clientservices@firstteam.com
Call us at 888-870-1142
This guest post is written by Rachelle Wilber, a freelance writer living in the San Diego area. She graduated from San Diego State University with her BA in Journalism and Media Studies. When she isn’t on her porch writing in the sun, you can find her shopping, at the beach, or at the gym. Follow her on twitter @RachelleWilber.
