Have you always dreamed of owning a home in Washington State? If so, you are not alone! Many people choose to live in this beautiful state and often purchase homes here.
Today, we are going to explore some 1st time home buying tips that you can use to purchase your dream home.
Each of these tips will offer you something different, but they are all helpful in your search for a home.
Start Saving Now
In order to purchase a new home, you will need to have some money saved. While you don’t need to be wealthy to buy a home, you will need some cash to do a transaction.
There are several things that you will need to pay up front before you can start moving into your new home. First, you will need a down payment of at least 3% to 20% of the value of the home.
While some home loans require more or less of a down payment, this is a good place to start. Next, you will need to have money for closing costs which can range from 3% to 5%, or higher.
You will want to have this much money saved before really considering purchasing a home.
Improve Your Credit Score
If your credit score is not where it should be, then you will want to improve it before shopping for a home.
When buying a home in Washington, you will need a credit score of at least 650 for a traditional loan, and a score of at least 500 for a VA or FHA loan.
Having good credit will allow you to get a loan with a much better interest rate. A low interest rate means you will pay less for the home and your monthly payments will be lower.
6 Steps to Buying a Home in Washington
Get Pre-Approved For a Loan
Before you go out looking for your first home, you will need to get pre-approved for a home loan.
While you don’t have to be pre-approved to buy a home, it betters your chances of getting one faster.
This will also let you know how much you can afford to invest in your new home so you don’t spend time looking at homes you can’t ultimately afford.
Additionally, sellers often favor buyers who already have a pre-approval. It will make you look more serious about purchasing the home. You may even be able to put in a lower bid on the home if the seller is motivated.
Shop Around Before You Settle
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It is often easy to fall in love with the first house you look at. It may seem like it has everything you want in a home, but you should really shop around.
Keep in mind that there are hundreds of homes on the market and finding the right one for you may take some time.
So don’t be afraid to shop around. This will give you a better idea of what is out there and finding your dream home will be easier if you have plenty of options.
Stick To Your Budget
When buying a home in Washington, make sure that you stick with your budget.
Sure it may be tempting to get that four-bedroom home, but you might need to stick with a three-bedroom if you can’t afford the upgrade.
Having a home that you really can’t afford will put a lot of financial pressure on you and your family.
It will also increase the chances that you may fall behind on your payments and end up losing the home you worked so hard to get. So always make sure you stick with your budget and life will be much easier for you.
Find A Good Real Estate Agent To Work With
Now that you have your pre-approved home loan in place, it is time to start looking for houses. But instead of going at it alone, make sure you find a good real estate agent to work with.
Try to find an agent that lives close to the area you are considering buying in. This will ensure that he or she knows the market very well. Also, find an agent that has time to help you.
Many agents are very busy and you don’t want to risk being put on the back burner. Pick an agent that is responsive to your questions and one that you feel comfortable working with. The home buying process can be difficult so it is important to have someone in your corner.
Don’t Be Afraid To Haggle
Once you have found a really nice home that meets your needs, it is time to make a deal. You will need to send the seller an offer.
When making your offer, don’t be afraid to put down a price that you think is fair. It is OK if the seller does not accept your offer right away. Many times the seller will come back with a counteroffer.
This is your chance to haggle a little and get a very fair deal on your home. But keep in mind, you don’t want to low ball the seller because it could offend them and you could lose your dream home to other buyers.
Always Be There On Inspection Day
After your offer has been accepted, you will need to have the home inspected.
This will be done by a professional home inspector that you will hire. He or she will come to the home and make sure that everything is working properly. On the day of the inspection, it is always a good idea to be there in person.
This will allow you to see first-hand the condition of the home. This will help you determine if you want to push forward with the purchase of the home or back out of the deal.
When buying a home in Washington, make sure that you follow these tips. They will help guide you in the right direction and you will be living in your new dream home in no time at all!
Remember that working with the right real estate agent can make all the difference in the world. So get out there and find your very first home!
Have Questions? Ask GJRHomes!
GJRHomes is the best source of information about the local community and real estate topics. Give them a call today at 253-509-2349 (Greg) or 253-509-3366 (Julie) to learn more about local areas, discuss selling a house, or tour available homes for sale.