As a local real estate expert, I understand how daunting the home buying process can be for first-time homebuyers. It’s a major life decision, and one that requires knowledge of the market and lots of research. To make the process easier, I’ve put together a guide to the home buying process for first-time homebuyers.
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Step 1: The first step is to get your finances in order. You should start by getting pre-approved for a loan so you know how much you can afford. You should also consider any additional costs like closing costs, taxes, and insurance. You’ll need to create a budget and stick to it throughout the process.
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Step 2: The next step is to find a good real estate agent. A real estate agent can help you find the right home and negotiate the best deal. They can also help you understand the legal aspects of the home buying process and make sure you’re getting the best value for your money.
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Step 3: Once you’ve identified the right home, the next step is to make an offer. Your real estate agent can help you determine the best offer to make based on the value of the house and your pre-approval. Your agent will also help you understand and negotiate the contract.
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Step 4:Getting a home inspection will ensure you are making a wise purchase. The inspection should cover the roof, electrical, plumbing and HVAC systems of the home. An appraisal is also important as this will confirm the value of the property for the loan. Both of these items might open an opportunity for re-negotiation to improve your purchase price.
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Step 5: While you wait for your loan approval and closing it’s a good idea to prepare for your move. It’s best to not open any new accounts (like furniture or new cars) during this time and continue to pay your bills on time. Additionally, consider making a new budget based on your new proposed expenses.
You finally get your keys and celebration is in order! In my experience as a REALTOR, those who carefully plan, prepare and persist are the most pleased first-time homebuyers. Don’t give up at the first sign of difficulty. It will all be worth it when you are a new homeowner.