First Time Homebuyers Helpful Hints

First Time Homebuyers Helpful Hints

First Time Home Buyers Helpful Hints

    If it’s your first time diving into home ownership, the whole process can be exciting and overwhelming! Here are a few thing to consider along the way!

 One of the most important things, is how are you going to pay for the house?  Most of the time, first time home buyers won’t be paying cash. So the first step is.. find a lender! Helpful Hint: Your awesome Realtor can set you up with some great ones to work with!

Lenders will help you determine what price range of a home you can afford, what type of loan you will need to purchase it, and what your downpayment and upfront closing costs will be so you know exactly what to plan for! Not to mention, getting pre-approved will help you get that house you want a lot quicker!

The standard scale is usually 35-45% of your total annual income is what you can qualify for in a house. More conservatively, people can shoot for 25% of their income to leave space for more freedom in budgeting!

    Next important step, find an awesome Realtor!  When looking for a Realtor, you want to find one that is willing to work for YOU. One that has the time and excitement to help you along in one of your biggest purchases you can make, your new home!  Make sure that the Realtor is knowledgable of the area you plan to purchase in, and is well versed in all the little things that need taken care of that you aren’t aware of. 

For instance.. You may love the house, but is it structurally sound? Is the roof leaking? Are there cracks in the foundation?  Neighborhood zoning? Is the house is a flood zone? Realtors help you with all the little details, negotiating, and paperwork that is involved. You worry about finding your new home that makes you happy, and we will take care of the small details, while being there every step of the way. Don’t forget to utilize your Realtor for recommendations too! In our field of expertise, we have come in contact with many great local service providers: Dentists, Contractors, Healthcare professionals, Landscapers, you name it! We want to help you well beyond the sale of your home. That is a surefire way you can know you’ve chosen a good Realtor. 

    Remember if you are buying a house, the cost of a Realtor is FREE to you! That’s right! FREE!  

The seller of the house you are purchasing, pays for BOTH the selling and buying agent’s commission. So make sure if you are in the market, you find your own agent that can help you with your side of the deal. Financially, you are in good hands to have a buying agent on your side, vs using the listing agent contractually obligated to serve their seller’s best interests. 

    If you are a first time home buyer, are you coming from an apartment or leasing situation?  When purchasing your home, you need to plan for 30-60 days from when you find your new home to when you move into it. These dates can be flexible, however, mortgage rates can only be locked in for up to 60 days, so make sure you close before that expires if you are wanting to keep the same rate! So if you need to find a home before you lease is up, know your timeline!

    Will you need to budget for furniture, decorations or appliances for a new home? Make sure you have this set into your plans for your new home budget. However, do NOT make any major purchases PRIOR to closing on your new house. This could and will affect your financing approval. Plan for fees and closing costs as well. While in some situations, home buyers can negotiate for a seller to help with closing costs, it is better to have a plan in place to cover in case a seller is unwilling. 

    If buying a pre-existing home, no home will be perfect. It’s more about what you are willing to fix or mold to your style. Remember things like paint and decor are easy to change. 

It's an awesome and rewarding experience when it's done right with the right people there with you along the way!  Congratulations on your decision to embark on this new adventure!

Sarah Stumme Headshot
Phone: 402-630-5480
Dated: January 22nd 2018
Views: 159
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