Published September 2, 2022
The 5 Most Important Steps For Home Buyers
The Gainesville real estate market is still going strong, and this makes the home buying process very competitive for today's buyers. Here are 5 key steps to help you have a smooth experience and buy the home of your dreams!
Your first step should be to speak with a mortgage professional. By speaking with a mortgage expert you will be able to get an idea about what kind of price point you can afford, and this will be a huge factor in your search. Additionally, speaking with a lender is going to be the first step in getting pre-approved for a mortgage. Having a pre-approval letter lined up will make you a much stronger buyer because sellers will know that you are serious and can afford the property.
Find an agent who has experience working with buyers in the area you plan to buy in. Many buyers will elect to work with the first agent they find online that will offer a discounted commission, however it is important to work with someone who not only is knowledgeable about the market as a whole, but your specific neighborhood as well. An agent who has worked in the area before will know how to navigate things such as the HOA, upcoming projects and roads being built in the area, the school district, and more.
Use online listing photos and descriptions to help you narrow your search, but be sure to tour the property in person with an experienced real estate agent before you submit an offer to make sure it lives up to your expectations. By touring alongside an agent you will be able to get their perspective on the home, and often times they will have an eye for areas of concern or features that you may not have noticed at first glance.
Do not do anything to change your financial situation while you are under contract for a home. Changing jobs, financing a new car, moving money unnecessarily between accounts, and opening new credit cards can all be red flags to your lender and this will likely throw a wrench in your loan process. A hold up with your financing can cost you your chance to buy the home.
Be sure to budget for closing costs and home maintenance. To someone who has not purchased a home before, closing costs can seem expensive, so be sure to speak with your lender early on to get an idea about what they will amount to. It is also important to set some money aside for a home warranty or home maintenance. In addition to the downpayment for your home, you'll want to be sure to have extra funds to pay for a home warranty or an issue that may arise after you move into your new home. Speak with your agent about what a good safety net for home repairs should be.
If you would like any additional information about the home buying process or if you want to discuss your options on how to begin your search, give our team a call today!
