If you're a first time home buyer, you are probably excited about the purchase of your first home and you may be confused or overwhelmed by the process. Don't be! While buying a home, whether it's your first or fifteenth, does require some flexibility, the process doesn't have to be intimidating. The following six tips can help you buy your first home so you can purchase with confidence.
1. Manage Your Credit. Before you decide to purchase a home, you need to know your credit score. Unless you're paying cash for your home, you'll need to a loan. Interest rates are currently at historic lows and those with excellent credit scores will reap the most benefit by getting the lowest interest rate on their home loan. Financial advisers can help you pay off debt and increase your credit score.
2. Know Your Numbers. Work with a mortgage lender to get pre-approved for a mortgage. Pre-qualification is good, but pre-approval is best. Your lender will require financial documents and will provide you with a loan amount so you'll know exactly how much home you can afford. Don't forget to add in taxes, insurance, and HOA fees.
3. Choose a Realtor You Trust. Whether you base your choice off a recommendation from a friend or online reviews, make sure the Realtor you choose has experience in the area where you'd like to purchase and an extensive history buying and selling homes.
4. Save for Move-In Expenses. If you're moving from an apartment or smaller residence, you'll likely need furniture in your new home. You may want to make renovations like painting and replacing flooring. Even hiring a moving company and supplies can add up. Make sure you budget for move in costs.
5. Manage Your Expectations. Finding a home in the perfect neighborhood, in the perfect school district, with the perfect layout, with the perfect yard, and perfect design trends is going to be difficult. If you're willing to make some design changes or expand your search area you'll likely find a home much more easily.
6. Do Your Due Diligence. Your home inspection is a vital part of the home purchasing process. A licensed home inspector will go through the home to make sure everything is in working order. Paying a few hundred dollars up front for the inspection will provide you with issues the home might have and the opportunity to request resolution to these issues.
If you are considering purchasing a home in Northern Nevada, Sallan Real Estate would be honored to assist you. Please contact us at 775-453-4568 for information about the local real estate market and how we can help you purchase your home.