Buying a home can be both exciting - to find a place of your own, settle into a neighborhood, - as well as nerve-racking since it is probably one of the biggest financial investments you will make.
So, being prepared is key. A recent Oregonian article identified seven steps that can improve your chances of having a good homebuying experience:
- Know your credit - clean up errors on your credit report if they exist
- Hire a good team - a great Realtor and Mortgage professional are the first two contacts establish on your team
- Get Pre-approved - know what you can afford before beginning to look at homes
- Set a budget and stick to it - consider not only your mortgage payment, but also property taxes, homeowners insurance, utilites, HOA fees when you are determining a comfortable monthly budget
- Time the end of your lease - ask your Realtor and Lender what the typical time frame is to close on a home purchase so you can have a good idea when you will need to provide notice to your landlord.
- Consider down payment assistance - in most cases, you will need funds for a down payment. There may be state or local programs to help with the down payment or gift funds from a relative. Ask your lender what programs may be available for you to consider.
- Inspect the home before and after - identify a reputable home inspector or ask your Realtor for recommendations. Additional inspections, such as sewer scope or radon testing, may be beneficial, depending on the home you identify.
For more information on these steps, read at http://www.oregonlive.com/business/index.ssf/2016/12/7_must-dos_for_the_first-time.html
Or call me, your Realtor, to get your home buying experience started on the right foot!