The home buying process never comes without its troubles. As a first time home buyer, it’s not expected that you know how to handle each situation that comes your way when navigating the real estate market. Getting a better understanding of each step in the process can help you prepare and successfully find your dream home.
Getting your mortgage approval
It’s not always possible to pay for your mortgage with cash, especially not on the market today. Before you start looking at real estate listings, you should get pre-approved for a mortgage so that you have a better idea of your price range. It’s likely that any offer you put into a home without a pre-approval letter will be rejected, so it only makes sense to be prepared.
Find a realtor who knows their stuff
A reputable real estate agent will be able to help you find a house that matches your needs, hopefully, serves your wants, and is at the best possible price. Always do some preliminary research before committing to a realtor. A few ways to assess them include:
- Talk to their recent clients
- Check out credentials and licensing information
- Know their market presence/knowledge and their current listings
The search in your home buying process
We’ve reviewed this in a previous blog, but it never hurts to remind you that writing down your wants and needs is great to have when looking for a house. This way if there are shortcomings you can establish before hand which ones are important and which ones don’t matter as much. Location, room count, structural integrity, and extra storage are all important feats to keep in mind.
Stay within budget and don’t deplete savings
A home buyers plan should always include a set budget along with a strategy to stay within it. Be sure to not let bidding wars and comparisons to your peers affect your spending. As a first time home buyer, you’ve probably also stockpiled some savings. Avoid spending all or most of it on your down payment so that you have the cash available for those rainy days.
Buying a home? It only makes sense to connect with the best real estate agents in Niagara. Team Davids can help you navigate the home buyer process and ensure you have a successful house hunt in this heated real estate market.