Purchasing a home is a significant milestone in life, and to make the process less stressful, you need to know what to expect. That's why SKW REALTY has created a step-by-step guide for first-time homebuyers to help you enjoy the journey. Here's what you need to do:
The first step is to conduct research to determine where you want to buy, what type of property you prefer, and which features you like and dislike. Additionally, keep track of any changes in asking prices to gain insight into housing trends in specific areas, which will come in handy when you make an offer.
Once you have a better idea of what you're looking for, it's time to determine your budget. Instead of relying on what the mortgage company will approve, you need to decide on the monthly payment that you're comfortable with, considering all potential expenses such as utilities, garbage, water, and HOA fees. You should also factor in any changes in your lifestyle or income that could affect your finances.
Getting prequalified for a mortgage is the next step. While you may think you can afford a certain payment every month, the mortgage company may not agree. It's best to consult a mortgage professional to find out what amount you can qualify for, which will help when you make an offer on a home. Keep in mind that lack of time at a job, insufficient credit, past bankruptcies, or other financial issues can cause major problems when trying to secure a mortgage.
Finally, choosing a real estate agent can be a game-changer. Although you can shop, look at, and make an offer on a home without an agent, it's recommended to have one to take much of the stress off your shoulders. An agent will help you identify properties you might be interested in, arrange showings, and handle the offer process, plus they have market knowledge that you don't possess. Let your agent show you around some homes that meet your dream home criteria to help you find the one that's perfect for you.
By following these steps, you'll be better prepared to navigate the home buying process and make the most of this exciting milestone in your life.
Contact SKW Realty today at (346) 833-8613 for us to assist you better.
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