1. Looks Can Be Deceiving
A potential homeowner should think about the neighborhoods they’re shopping. A beautiful majestic neighborhood by day could yield some interesting characters or questionable activity at night. An evening walk or nighttime drive could shed some light on a neighborhood at night.
2. Act Fast, Be Ready
Today’s market is seeing homes sell quickly and without a great deal of back-and-forth negotiation. With that said, making an offer on a home shortly after it goes on the market could save some serious cash. Be ready and make a move if the opportunity presents itself.
3. Know Your Credit
During the home buying process, no financial metric goes unturned and for some potential buyers, some interesting surprises may lurk around the corner if they’re not prepared. Before committing to buying, do a little financial fitness. Check your credit, and get an idea of what you can borrow.
4. Closing Costs Can Be Expensive
Many first time home buyers get very caught up in the excitement and emotion of their first home purchase and can often overlook the true costs of buying a home. Do some research, know what will be required at the closing table, and be prepared financially for all charges.
5. Let Your Realtor do the Talking
Realtors negotiate for a living. Their goal is to get the best home price for their clients without undermining the market as a whole. Many buyers take negotiation into their own hands and few first time home buyers succeed at negotiating the best price. Leave this to your realtor.
6. It’s Not All Episodes of “Fixer Upper”
Your first home will likely need a little work, and it will certainly take some time to make a house a home. However, many first time buyers find their expectations getting away from them. It’s not all fresh paint and pretty wallpaper. Be prepared from some of the less glamorous behind-the-scenes repairs and maintenance of your new home.
7. Make Reality Your Dreams
No, not make your dreams a reality. Sometimes your dream home with the white picketed fencing and a perfect St. Augustine lawn simply isn’t within the budget you have. Therefore, make your reality your dreams by making the home you can afford into the home of your dreams. Know your limits and let your realtor know them too.
8. Keep Your Finances Stable
Buying a home can sometimes spur some spending to furnish and upgrade your new digs; however, make sure to keep your finances in order until you finish closing on your home. Drastic moves such as taking out financing for fancy fixtures for your home can affect the financing you get on your mortgage.
9. Stay Employed, Don’t Change Jobs
Another temptation in new home ownership is to make some life decisions to either support or enhance your new purchase, but doing so can drastically affect your financing even if the move is for a bigger paycheck. Lending institutions don’t like seeing these changes while they’re trying to approve you for a large sum of cash.
10. Choose a Lender You Trust
Probably the biggest decision you’ll make in your home purchase is who and where you get your financing. Look for a lender with some serious longevity and track record of successful mortgages. Get in touch with Tidewater Mortgage Services to get pre-qualified in one fell swoop. Over 20 years and a history of successful homebuyers are exactly what you need for your first home purchase. Call Tidewater Mortgage Services, Inc. today to learn more!
