Ready for the biggest purchase of your life? Buying your first home isa huge investment, and you don’t want to rush into decisions that you may later regret. To assist our clients, we have put together these house hunting tips to help you find a home that you’ll love.
1. Decide on your budget. You have to know how much you can afford before you set your heart on a home. Calculate your current income versus your expenses to help you understand how much you can pay for your mortgage. Always leave room for savings and emergencies as well. Doing this will help you find a home that fits within your budget.
2. Know your credit score. Your credit score is one of the most important factors in the home buying process. After all, lenders decide on how much loan you are entitled to and how generous the interest rate is going to be based on your credit score. So before you even start house-hunting and securing a pre-approval for a mortgage, take a peek at your credit standing with the three bureaus.
3. Get pre-approved. Purchasing a home has skyrocketed during the current pandemic. Many buyers are looking to take advantage of the historically low mortgage rates. Before beginning the home search process, get a pre-approval from a lender. This will help you determine how much you can afford and is required when it comes time to make an offer.
4. Determine locations of interest and your home must haves. Now that you know how much you can afford, making a list of your home’s features is possible. Finding a house you’ll love comes easier when you know what you are looking for.
a. Price Range
b. Square Footage
c. Number of Bedrooms and Number of Bathrooms
e. Preferences (wants vs. needs)
This list will help you save time and effort!
5. Choose the right Realtor. Your agent will help you find a home that meets your criteria and your budget. They will assist you in writing offers, negotiate with the seller, and facilitate throughout the entire transaction. Working with someone knowledgeable of the current market and trusting them to represent your best interests, is integral in the home-buying process. Hire someone who is committed to helping you find your dream home. Experts such as the Moving Greater Boston team will help make the home-buying process seamless and less stressful for you.
Download your FREE buyers guide here: BUYER’S GUIDE