Preparing to buy a home can be a lengthy and nerve-wracking process, but it doesn’t have to be. About 65% of Americans own a home, and if they can do it, you can too. All it takes is a little forethought, planning, and patience.
Check out these home buying tips to save a little time (and frustration) as you search for your new property. You may just find that you’re a step ahead of the competition.
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Home Buying Tips for First-Time Home Buyers
Buying a home requires a lot of consideration and care. There are several things that first-time buyers can do to prepare themselves and experience the best possible home buying experience. Buyers should:
- Anticipate closing costs
- Start the buying process debt-free
- Contact a reputable real estate agency
- Seek pre-approval for a loan
- Exercise patience
You may already be familiar with mortgage payments, property down payments, and other notable aspects of the home buying process. The following tips will build on pre-existing knowledge.
Read on to feel more confident as you search for a new home.
1. Anticipate Closing Costs
Though you may be prepared to dole out a down payment on a home, handle monthly mortgage payments, and prepare for property taxes, there’s one significant cost you may still be forgetting: Closing costs.
On average, closing costs equate to about 3.5% of the total purchasing price of the property. For example, a home that costs exactly $100,000 would likely incur closing costs of about $3,500.
2. Start Off Debt-Free
Becoming a homeowner means taking full responsibility for your home. So, while your mortgage might be about the same amount that you once paid in rent, you’ll also need to remember to add home insurance costs, maintenance costs, and more.
The best way to manage these additional financial responsibilities is to begin your homeowning experience debt-free.
3. Contact a Real Estate Agency
You may want to consider contacting a real estate agency, especially if you’re having difficulty finding a home in a far-away state or a different country. Property laws and regulations differ from location to location.
A real estate agent can help you find a home that meets your needs, budget, and preferences. San Miguel de Allende Real Estate is a prime example of an agency that can help you secure international properties.
4. Seek Pre-Approval
Seeking a mortgage preapproval for a home loan can help save you time while searching for a new home. And once you’re approved for a loan, you’ll instantly become a more attractive buyer to sellers. It’s a win-win situation.
5. Exercise Patience
Finding the perfect home for you and your family typically requires patience. You may find a wonderful property that’s just out of your price range, only to find that it’s been sold within the week.
It’s far better to save and wait than to scramble for immediate alternatives. In 2019, more than 5 million homes were sold in the United States. There are likely hundreds if not thousands of vacant homes in your state or community.
The right one will show itself, but it not happen right away. If you continue saving and searching, you’ll be entirely prepared to purchase and secure the right home at the right time.
Enjoy the Home Buying Process
Don’t let the pressure of finding and securing a new home detract from the excitement of becoming a homeowner. These home buying tips should help you navigate the buying process with a little more confidence and know-how.
Always begin your homeowning journey debt-free, and be sure to anticipate all potential costs beforehand. Seeking preapproval can help make you a more attractive buyer, but patience is key when searching for the ideal home.
Lastly, never be afraid to reach out to a real estate agent for guidance. They can present a variety of budget-appropriate properties and help you communicate with sellers.
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