Hey guys! Buying a new home can be nerve wracking, especially if you’re a first time home buyer, which is why we’d like to give you a few pointers on how to make the process educational and a pleasant experience.
Number one: think about the cost associated with buying a home. An appraisal, a realtor, an inspection, the financing.
Let’s back it up. A realtor is typically a cost associated with the seller, buyers usually don’t have to pay for the realtor.
An appraisal is something that the lender will order on your behalf to determine if the properly value is truly there on the home you’re about to purchase. This will typically cost anywhere from $500 to $700 that could also be added to your loan but typically is required to be paid up front.
An inspection is a cost that is typically associated with a buyer and is paid for at the time of the inspection to determine the condition of the property before you purchase. This cost ranges anywhere from $350 to $550 depending on the company that you choose.
So what type of financing is ideal for you? Well it all begins with the lender. A lender determines if you qualify, how much you qualify for, and what the best program that fits your needs is. There are various types of loan programs to help a buyer qualify for a home, which all depend on your income, your debt, and your credit.
If this is still overwhelming, here is the best part, there are professionals to help you every step of the way. Which brings us to number two: picking your team. Its extremely important to find a realtor that is positive and has a solution driven mentality, because there will be several obstacles throughout the transaction, where these characteristics are important for them to have.
So when is the right time to buy? There is never an ideal time to buy, it all depends on your situation and what your intentions are for the future. Are you looking to downsize, are you looking to upgrade, is this an investment property, is this a property you see yourself living in for several years? It all depends on your situation and hopefully with the guidance of your realtor you’ll be able to determine what the right time is for you!
We hope that this has helped guide you in taking the first steps of buying your home. We thank you for watching us here at Luxe Realty.