6 Ways For Simplifying Your First Home Purchase

Buying your first home can seem pretty overwhelming when you first begin. No matter if you are purchasing a condo or single family home for yourself or an investment property it can appear as there is a lot to figure out on top of a market where properties move so quickly. However, if you devise a system and make a list of the important things to accomplish it can go much more smoothly. Here is some help on where to start.

Decide on Goals

First, figure out what you need in a home and your overall plan. Would you like to buy a condo for just yourself for now and then move in a couple of years? Will you keep that and rent it or sell it as you trade up to a single family residence? All of these things are worth deciding on as you evaluate your needs as well as plan for your future.

Contact a Lender

Before you begin anything you should reach out to a lender to see what you can afford. Not only do you need to figure this out for your own comfort level, but you also need to know exactly how much a lender will give you for a loan so you know what properties you can even consider. Lenders who are well versed in all types of properties as well as those locally are always preferred.

Create a Budget

Once you have identified how much a lender will approve you for, you also should do some of your own calculations. Just because a lender approves you for a certain dollar amount doesn’t mean you will be comfortable with paying that much. Take all of your current expenditures into account as well as your future financial goals.

Contact an Agent

Similar to a home loan lender you will want a real estate agent that works in the area of your interest and has experience with the types of homes that you are looking for. I am happy to have an assessment call with you as a starting point to discuss your needs!

Crunch Numbers

When you start looking at homes it is important to run the numbers on each one individually. Homes will range in their prices but also in some other ways. For example, taxes could be different property to property and can change with property type. Condos will also have a regular homeowner’s association fee that you will need to add into the equation. 

Submit Offer

Once you have found a home that you like and fits your needs then submit your offer promptly. For any home that is bordering what you are comfortable spending, submit an offer for an amount that works well for you. The worst thing that can happen is the seller will reject your offer. In the end keep things businesslike and avoid getting emotional about it.