How will you know when it's the right time to purchase real estate?
If you have never bought a home... STOP
Your best option is to contact a real estate agent immediatly! Real estate is always changing and it is my job to stay current with our local market, as well as local and national trends and most importantly, laws. Google can only help you research so much while I am a lot faster and I charge you ZERO for advice and help.
So lets get started...
1) Improve your financial situation.
No matter how far along you are in the home buying process you can always improve your financial situation in preperation of home ownership. As with any major life changing event, you should always SAVE, SAVE, SAVE! You can never have enough cash on hand when it comes to purchasing a home. Sellers on HGTV will pay for the buyers closing costs, but it doesnt neccessarly go that smooth in real life.
Cash you will needed when purchasing a home:
- Down payment
- Your lenders closing costs
- Possible, temporary housing until your move in & costs for moving
- Updates to make your home shine
- Paint, new welcome mat, deep clean that "other" persons bathrooms, etc.
- Every home I see won't be perfect?
- It never fails... A month after moving in that dishwasher leaks, the mailbox is knocked over. BE PREPARED
2) Improve your credit.
Credit is not the end all be all when it comes to purchasing a home. Think of it as a sliding scale, the better your score the better your interest rate can be. The better your score the more flexible lenders can be with your work history, amount in savings & the structure and fees of your loan.
3) Find the right REALTOR.
A good REALTOR does more than show homes. Each transaction is very different and often hits one or two major snags during the purchase process. Find someone you can trust to get you the correct information to make an informed decision. From working relationships with inspectors, to contractors, homes are hardly ever perfect. Find someone you can trust.
One of the most important aspects of working with a trusted REALTOR is their connection to a reliable mortgage lender & they work hand-in-hand to get you the very best deal possible.
3a) Partner with a great lender.
A REALTOR knows of special promotions some lenders are offering in this competitive market. They can lead you to reliable sources for your mortgage saving you thousands of dollars.