Buying your first home is an exciting time, and something that many families look forward to. Whether it’s a starter place or somewhere you plan to make your Forever Home, making the right choices and remembering a few key facts can make a difference in reducing frustration in the buying process, getting the most favorable loan terms, and asking the right questions during the house-hunting process.
There are a few things that first-time homebuyers should remember.
Assess Your Finances
A home may be one of the largest purchases you make in your lifetime, and it’s important to make sure that you have a realistic idea of how much house you can afford. Take a look at your income-to-debt ratio, and determine the monthly payment you can comfortably afford. This will give you an idea of how much of a mortgage loan to apply for.
Don’t forget to account for things like property taxes, HOA dues (if there is one), and to have small savings set aside for major repairs that can come up after buying a house.
Secure a Pre-Approval Letter
A pre-approval letter lets your real estate agent know that you’re serious about looking at houses for sale, and in fact, many realtors may not book clients until the client has a letter pre-approving them for a mortgage. This gives you and your realtor an idea of your price range, and lets sellers know that you’re a serious buyer.
Hire a Reputable Realtor
A buyer’s real estate agent works for you – they’re interested in getting you the best price for your perfect home. Make sure that your real estate agent is certified, and look for one that’s local and has a good understanding of the local market. Plus, a real estate agent can help guide you to the right location, whether it’s for an easier commute, a school within walking distance, or somewhere off the beaten path. You’ll also want an agent you get along well with since you’ll be working closely together.
Make Sure to Have a Home Inspection
Before you make an offer on a house for sale, have the home professionally inspected by a home inspector. These individuals will conduct a thorough inspection of the house, from the roof to basement, checking the major systems, such as electrical, plumbing, and HVAC, as well as seeing if the house needs any major repairs, including roof and foundation. If there are major issues with the house, it’s important to know, so you aren’t stuck with major repairs right off the bat.
Call The Joseph Bograd Real Estate Team!
At The Joseph Bograd Real Estate Team, we have a deep understanding of the real estate market in the area and can help first-time homebuyers find the best homes for sale in Bucks County, PA. Give us a call to discuss your options!