The process of buying a home is an extremely exciting one. This fact is true whether it is your first or your final home. From beginning to end, it is helpful to have someone to guide you through all the steps involved. That is the job of your REALTOR®. To help get you going toward the direction of home ownership, here are some starting off steps to consider.
Are you ready for homeownership?
Owning a home is a big responsibility and a decision to not be made lightly. It is important that you have some stability in your life to ensure that your dream of owning a home does not become a burden. Some of these factors include: job stability, financial stability, and the time to do the maintenance that your new home may need.
Are you financially stable?
When it comes to the mortgage on your home, there are many options that will become available to you. One of the first is your price range. Once you reach a pre-approval from your bank or mortgage broker, you will be a given a price range to start shopping in. It is not always advisable to look at the high end of your price range. The bank does think you can afford this price but it may not give you much room for future savings. During the home buying process, there are also costs that you will incur. These include inspection costs, lawyer costs and if you are also selling your current home REALTOR® commissions. It is important to ensure that you have some additional funds saved on the side to cover these costs.
However, do not let these aspects scare you away from homeownership! Your bank or mortgage broker will be able to tell you exactly what you can afford and when the best time to start house shopping will be.
Why is hiring a REALTOR® in your best interest?
Hiring a real estate agent will be extremely beneficial to your buying process. A REALTOR® is trained to help you find the home that is best for your lifestyle and budget. This process includes investigation on their part to ensure that your time is not wasted on viewing properties that are not well suited for you. You realtor will also take care of all the paperwork that is included in choosing a home. This includes negotiating on your behalf to get you the best price on a home. This can mean huge savings for you! A REALTOR® will also arrange and attend a home inspection of your chosen home. With the inspector, your REALTOR® will detect any potential problems in your new home before you purchase.
These are just a few tips on getting yourself prepared for the process of buying a home. I would be thrilled to help you get started on this whole process. Your journey to homeownership begins with just a phone call!