If your resolution is to buy your first home in the new year, you may be excited or overwhelmed with all there is to do before making an offer. Check out these tips that will make the process easier.
1. Manage Your Finances and Credit. If you're in significant debt, and are living paycheck to paycheck, it may be difficult to get a home loan. Consider paying down your debt and saving for a down payment. Make sure your credit history is in good standing. The higher your credit score, the better your mortgage interest rates will be, saving you money in the long run.
2. Work with a Mortgage Lender. Unless you plan to pay cash for your home, you'll likely need a home loan to purchase your home. Lenders will work with you to determine how much home you can afford. Remember to include costs like property insurance, taxes, HOA fees, and utility bills in your costs.
3. Choose a Realtor. Ask friends and family for referrals to real estate agents they've loved working with and always check references. Choose a Realtor that has experience buying homes in the neighborhoods you're interested in and don't be afraid to ask them questions about their experience.
4. Research Neighborhoods. Do you need to stay within a certain school district or within a specific distance of work? Do you want to be close to certain amenities like trails, parks, or restaurants? Your Realtor should be able to help you find a neighborhood that fits your lifestyle and finances.
5. Tour Homes and Make an Offer. Your agent will send you homes that fit your requirements as soon as they hit the market. You will meet your real estate agent to tour the homes you choose and your agent will help you to make an offer on the home you want to purchase. Be sure to keep your mortgage lender involved.
6. Close. Closing on the sale of a home can be a long process. You'll have an inspection period to have professionals inspect the home to make sure everything is as it should be. Your Realtor and mortgage lender will help walk you through the process and timeline so everything goes smoothly.
If you are planning to purchase your first home this year, please reach out. Sallan Real Estate would be thrilled to help you meet your goal of home ownership and there are so many wonderful neighborhoods in Reno-Sparks for all lifestyles and price points.