Real Estate 101: Tips For First Time Home Buyers
Congratulations! Becoming a homeowner is one of the largest investments the average American will make in their lifetime. The Coronavirus Pandemic has paved the way for many new first-time homebuyers in the past year due to historically low mortgage interest rates. Although it is a great time to buy a home, it is important to understand your true needs before you begin your search as you will find competition is tough. When you understand your true needs, you are able to make a better decision when selecting the home for you and your family. Below I have provided some questions that you and your family members should discuss prior to looking for a home in this current market.
Are your Finances in order?
One of the biggest myths in real estate is that you need 20% down in order to secure a mortgage to buy a home. While this may be untrue, it is still important to ensure you have enough money put aside to cover down payments and deposits in addition to beefing up your emergency fund. Lastly, it is important to regularly review your credit score as this will play a large factor in your mortgage interest rate.
Are you looking for a starter home or a forever home?
There are many different types of homes that serves different families and lifestyles. From condominiums, to town homes and single-family homes. In deciding to purchase a home, it is important to consider how long you and your family will reside in the home and what type of home fits your family best. Knowing this ahead of time will help you to stick and stay on budget.
What are your ‘must haves’ and ‘non-negotiables’?
Non-negotiables are things you must have or will not accept, settle for or negotiate when it comes to finding your home. This could range from something minor to include the layout of the home or something more serious like the location in which the home is located. Understanding your must haves and non-negotiables before starting your home search will help you focus on homes that best fit you and your family’s needs.
Ready to learn more and get connected with a REALTOR® in your area? Text or Call me at (202) 440-3911. I can assist you no matter where you are located!
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Phone: (202) 440-3911