Shopping around for your first house can be very scary. There is so much information to take in when you visit a home and it can feel overwhelming at times. So, here are our top 10 tips for first time home buyers that will help alleviate the all too common purchasing anxiety that comes with buying a home.
- Saving Enough Money
This is a given, in order to get anywhere you’re going to need to save up enough money to look serious to sellers. It’s common to put 20% down as a down payment, but don’t expect that to always be the case.
Always look for opportunities to get that score higher! When looking at different home loans, your credit will be the #1 thing that will make or break your chance at receiving the loan.
- Mortgage Options
There’s a multitude of options when considering mortgage loans. FHA loans for individuals with credit in poor standing, and even USDA loans that cover 100% financing for Rural properties. There are various options available to you if you know where to look.
- First-Time Home Buyers
This is one of the most important mortgage loans new home buyers can take advantage of. Tax breaks and federally backed loans help you make the home-buying experience a lot more seamless and realistic. It’s likely that you’re not going to have all of the finances to buy the house all in one go, so it’s nice to have a multitude of options when it comes to paying for your house.
- Homeowners Insurance
Some lenders will require this before wanting to close the deal. This covers damage to your belongings, or the home, should any accidents happen. It also covers any responsibility you’d have if someone were to be injured in said accident.
- Preapproval Letters
Get it in writing! This letter is a written agreement in which the lender states how much they would be willing to lend to the lendee. Some letters might have an expiration date, so be sure to ask and check when yours will expire.
- Choosing The Right Neighborhood
Do you have children? Have a parent/grandparent that has medical needs that need to be taken care of on a weekly basis? That needs to be taken into account when you’re buying a house. Maybe you need your home to be near an elementary school or even a doctors office.
- Doing your Due Diligence!
Home inspection, home inspection, home inspection! Professional inspectors can find physical problems within the house and give you an itemized list full of issues that will need to be addressed before your house can become a home. The GRT Homes team can help you get this taken care of.
- Knowing That You Hold The Power
Having that home inspection can really save your skin when negotiating prices with the seller. It gives you leverage allowing you to potentially save money on your home. There will be a lot of factors to take in when negotiating, such as the status of the local market. It is important that you become familiar with the local market before coming to an agreement with the seller. Our agents are well versed in these situations and will make sure you are taken care of.
- Open Houses!
Bring out your inner P.I when attending an open house. Look around the neighborhood and make sure to gather as much information as you can. This is your future home we’re talking about here
We hope these tips can help you when searching for a new home. Our agents are well versed in the Chicago area and can always help make your experience as easy as possible.