Think you may be ready to buy a home? Buying a home is one of the most significant purchases, from choosing the right home to having the proper guidance to save the most money to market details.
THESE ARE THE TOP THINGS THAT WILL HELP EVERY BUYER!
1. Use a realtor. Many buyers fear using a realtor as they fear realtor fees or feel savvy enough to try and make it happen on their own. Fun facts "92% of homes sold in the U.S.in 2021 were sold using an agent or a broker." One of the essential things when buying a home is finding your ideal realtor. Always keep in mind that the seller, not the buyer, pays the commission if that is your worry. Also, for potential buyers trying to buy on their own, remember that a listing agent (the agent representing the seller) doesn't protect your interests; it's like sharing a lawyer in the courtroom to give you more context! A quote from another agent, "that agent would simply pocket both sides of the commission." In a nutshell, it means that you're not saving money and probably adding some stress to your life on one of the biggest. Hiring a fantastic realtor who works for you, let me repeat, works for you, will protect your interests and guide you through each step of the buying process, from navigating offer to option period and negotiating the best terms.
2. Think about the commitment. Buying a home is a long-term commitment and probably where most buyers get cold feet, so take a deep breath in and out and get mentally prepared. To give you a bigger picture, getting married is a big deal. Most folks only sign one paper when tieing the knot; buyers will sign over fifty pages when buying a house. Also, before purchasing a home with someone else, be sure you research the laws and how that could affect you long-term, as well as plan for the future with whom you are purchasing.
3. Ideal Monthly Mortgage. All my buyers understand that their ideal comfort in the monthly mortgage budget is critical. Most buyers will be approved for a mortgage about two times higher than they ideally wish to spend. No one knows your ideal comfort zone, overall goals, or plans for future investments, but you; share that information with your realtor so they can keep you on track and within budget.
4. Down Payment Options. If you didn't already know, a down payment is the upfront cash you pay toward the home purchase. Lenders offer a variety of mortgages with different down payment options; buyers can leave as little as 3%- 5% down. So don't let the old school 20% boggle you down. Many states offer first-time home buyer assistance programs as well, be sure to ask your lender what's right for you.
5. Understand your Debt-to-income ratio. Talk to a lender! When purchasing a home, "lenders typically say the ideal front-end ratio should be no more than 28 percent, and the back-end ratio, including all expenses, should be 36 percent or lower." So before getting pre-approved, getting your finances in order before getting pre-approved is ideal; also, if you need help with finances and preparing to buy it, it may be a great idea to speak to a lender.
6. Gather a list of Must haves! Buying is an exciting time for first-time home buyers, whether buying on your own or with a partner. Gathering a list of must-haves wants, and maybes is a great way to start the search process. I am obsessed with Pinterest, haha having a board will help picture everything nicely! And always keep an open mind!
7. Understand the buying process in your state. Every state is different, and steps and laws are equally distinct. Be sure to hire a realtor that explains each step of the way; if you are in Texas, reach out here. If you are in another state and looking for a realtor to guide you and teach the buying process, reach out happy to share my network so you can be a confident and knowledgeable buyer.
8. Relax! If you follow these steps, you are ahead of the crowd! Understand that this process is as stressful as you want it to be, so choose the proper guidance and shake it out; you are buying a house, and this can be a great experience!!
