Have you recently been feeling that now is the “right” time to purchase your first home? If so, it’s an incredibly exciting time in your life. However, there is also a lot of stress and anxiety that can come with the process.
If you’ve never purchased a home before, chances are that you have some questions. The most pressing of which is: “How do I even get started in my search?” And if you’ve been wondering the same thing, you’ve come to the right place.
Start the Process With a Few Key Questions
We’re going to answer your question with another question (or rather, questions). After all, it’s important to ensure you’re really ready to buy rather than doing so on a whim.
Some questions you should consider before going further in the process include:
- Should I be purchasing a home at this time or is renting a better option/ Am I planning on staying in this area for the next three to five years?
- What are my reasons for purchasing my home? Am I buying for the “right” reasons?
- Am I at the right place in my life (relationships, job, financial stability) to purchase a home?
If these questions don’t slow you down or give you pause, it’s time to consider the next part of the process: Financing your home.
Get Your Finances in Line
Purchasing a home is one of the most significant investments you’ll make in your lifetime. And as such, it’s important to make sure your finances are in order before beginning the actual house hunt.
When you’re considering financing, it’s important to research available loan programs as well as potential mortgage rates and fees. Often, this means you should order your credit report, correct any errors, and pay down current loan balances before going to a lender.
Once your credit is in order, you can visit multiple lenders (beginning with your own financial institution) to interview mortgage brokers, determine potential loan programs, and figure out your potential monthly mortgage payment (depending on the home you can afford). You will want to get a preapproval letter since doing so will give you more leverage in negotiations with sellers once you find the home you want.
Next, the Home Search Can Begin
After these vital preparatory steps, you can begin the home search. It’s best to do so with an experienced real estate agent, helping you avoid common mistakes and get the best value for your money.
The best way to find a qualified agent is to ask for referrals from family members, friends or colleagues. By doing so, you can avoid the headache that comes with choosing an agent whose expertise might not fit your needs.
If you’re interested in purchasing your first home and are looking for an agent to help you do so, the team at GJR Homes can help.
We can help find the perfect first home no matter your budget or needs. Contact us to begin the search for your home, today!