You’re taking the real estate leap and buying your first home — here’s what you need to know!
If you’re in a place where rental life has reached its peak and you’re in a different place in your life with a nice down payment saved up, congrats, you’re officially adulting! Along with a down payment you’ve probably done your due diligence and got a pre-approval loan, and found a local real estate agent who just gets you — you are ready to buy your first house!
When you partner with Jason E. Horr and Deacon Hoover Real Estate Advisors, you get a real estate team that is willing to take the time and walk you through every step of buying a home. Join us in today’s post as we guide you through some tips that aren’t always talked about, yet important to the home buying process.
Expert Home Buying Advice We Want Everyone to Know!
You have a down payment secured. Check. You have a nice loan pre-approval and real estate agent that advocates for you. Check and check. So, is there anything else you need?
Here is the thing, buying a home is actually a little more involved than most first-time home buyers expect, but don’t let that scare you, we have your back!
Most assume one weekend of touring open houses and making an offer on a house will land them exactly their hopes and dreams. Sounds very forthright, right?!
The process is a little more complicated, but luckily we’re in the age of technology where convoluted things can be easily Googled and you have a real estate agent who is by your side!
So, below are things that many first-time buyers wish they had known before embarking on the real estate journey!
You don’t have to lock in and marry the first mortgage rate you’re offered!
Date around, or rather, shop around for the best mortgage rate — because you can! This may take a little more time and effort, but visiting lender after lender until you find a mortgage rate that works with your situation will save you money.
Negotiating is key here and it’s similar to buying a home — you just have to shop around until the cosmos align and the situation at hand is comfortable for all parties involved.
Stand your ground and let the lender know you’re happy to pay for their fees, but that you are not interested in paying any other listed or “surprise” fees as a part of the process.
Plan for a transition period.
What many people don’t plan for is the in-between, and when this is not factored in, it can really pose a financial burden. If you have time left in your lease and you think that you will have enough time to look and buy a house and get out of your lease just in time, think again! The opposite always seems to happen no matter how we think we have things planned out!
Don’t risk paying a couple of months of rent in your current place and your new mortgage, and instead budget for the unexpected.
Other things that might surface unplanned costs, moving and having to secure storage space.
Buying a home is an exciting time, but like anything in life, things come up! It’s important to plan for the unexpected and educate yourself as much as possible before buying a home.
We have many more things to cover, so stay tuned for part two.
If you haven’t found a real estate agent yet you’re ready to buy, partner with our local real company today!