If it’s your first time buying a home, then you probably have plenty of questions and concerns. You might be worried about making a mistake during the home buying process or not making the right decisions.
Luckily, your McAllen real estate agents at Equity Assets Realty have the experience, skill, and inside scoop to make sure this process is as smooth as it is memorable. Below we’ve compiled together 15 killer tips for first-time homebuyers that’ll help you save money and avoid making mistakes.
15 Tips First-Time Home Buyers Need to Know
- Your budget and credit are key to determining what kind of home you can purchase. Have your credit scores pulled by a professional agency and check for any errors or issues that can affect you when applying for a home loan (and don’t forget to work on improving them if necessary). Also, get an in-depth understanding of your budget, as these two together will affect your buying power.
- Don’t bite off more than you can chew. Just because you get approved for a large mortgage doesn’t mean that you have to purchase a house at that price.
- Start saving for your down payment as soon as you decide you want to buy a house. The larger the amount, the less you’ll pay on your monthly mortgage. On the other hand, DO NOT stretch yourself thin by spending all your savings on a downpayment. Make sure to keep a “rainy day” fund, which can be a lifesaver when moving into a new home.
- Don’t go into the process blindly. You need to know what kind of house you want, what area of town you would like to live in, how many rooms you want, and a “wish list” of amenities.
- You need to act quickly if you are going to buy your dream home. Competition can be fierce in today’s seller’s market and you don’t want to hesitate. The team at Equity Assets Realty can help you to move quickly and effectively.
- A beautiful exterior can hide plenty of interior issues. You’ll want to do a thorough check of the inside, as well as ask about any plumbing, electrical, or maintenance problems that were handled in the past – these aspects can affect the quality of the home.
- The process of buying your home can be utterly exciting, but you don’t want to make an emotional decision. If you are interested in a specific home, inspect it multiple times and be objective about its pros and cons.
- It’s in your best interest to visit multiple properties in person before making your final decision. Don’t just consider the price but also the neighborhood, condition of the home, carrying costs, location, size, and all the other variables that will affect your decision.
- Get help from an expert realtor who can provide you with valuable guidance and assistance through the entire home buying process. An expert realty agent can help you to make the right decisions, help you to avoid purchasing a home that exceeds your budget, and can answer any pertinent questions you might have. Trust in the McAllen realtors at Equity Assets Realty to help you to find the home of your dreams.
- Try to get your financing in order before looking into purchasing a home. This will go a long way in making your offer much more appealing.
- The amount of debt you are carrying – including student loan debt, credit card debt, etc. – will affect how big of a loan you can obtain. The smaller the loan, the smaller the house.
- Make sure to budget for closing costs and additional taxes.
- Research the types of loans that are available to you. There are more options than just the conventional mortgage loan including FHA, Rural Development, Veterans Affairs loans, and others. You can also look into state and local assistance programs like Homes for Heroes.
- Don’t forget about after-move-in expenses including having to purchase new appliances, home improvements you may need to make, cosmetic improvements, and the likes.
- Make sure to purchase the right homeowners insurance policy for your needs and read through the contract carefully. Failing to have the right protection can leave you paying substantial amounts of money out-of-pocket if you file a claim. You should also be aware that flood insurance is an additional insurance rider you will need to purchase on the side if the area you will be living in is prone to flooding.
While this is by no means an exhaustive list, it should provide first-time home buyers with some valuable insight. If you want a little more guidance and support, the expert McAllen realtors at Equity Assets Realty are here for you.
Contact us today at 956-994-9455. We have plenty of experience and success in helping individuals find their dream home in McAllen.