Phone : 580-238-1404
Email : chifriedchicken@gmail.com

First Time Home Buyers Do’s and Dont’s

First Time Home Buyers Do’s and Don’ts

First Time Home Buyers Do’s and Dont’s

Sticky
Aug 16, 2018
Comments Off on First Time Home Buyers Do’s and Dont’s

One of life’s most exciting moment happens when you buy a home for the first time. It’s the fulfillment of the American Dream, a milestone that most people still yearn to achieve.

Property UNDER $50K Property UNDER $100K Property UNDER $150K Property UNDER $200K Property OVER $200K

Whether you are looking for a modern minimalist home or something that’s brimming with traditional charm, it is important to keep yourself focused on making the right decisions. Here’s a useful guide to help you in buying your first home:

DO’s

Write a check list. Shopping for a home can be overwhelming. You may find the features and amenities that you want in different properties. Let’s face it, finding a house that ticks all the items on your check list is no small feat, but having a list will undoubtedly help you narrow down your choices and decide which property is the best for you.

Set a realistic budget. Determine how much down payment you can afford. The monthly mortgage payments should be at or below 28% of your monthly household income. Set the ideal amount that will allow you to still live comfortably while paying for your home.

Leave a portion of your budget to pay for the closing costs, down payment, home inspection, unexpected repairs, and moving expenses.

Get to know the neighborhood. Visit during the busiest hours of the day or week. How are the surroundings during the day or night? Can you live with the noise of the surroundings or is the location too secluded for you?

Seek pre-approval for a home loan. Once you qualify for a mortgage loan, you will be able to narrow down your choices and stick to your approved price range. It also gives the seller an impression that you are a serious buyer, allowing you a better leverage for negotiations.

Research and compare lenders. Find out the loan program that is best suited for your goals and paying capacity. Companies with in-house financing and underwriting processes tend to deliver more reliable results due to their streamlined communication systems.

Find the right people who can help you. A local agent, a real estate attorney, a mortgage broker, and a home inspector can help you stay on the right track and make informed decisions.

DONT’S

Don’t let the pretty staging sway your decisions. Try to envision the rooms as an empty space. Will all of your stuff fit in? Does the floor plan match your needs and lifestyle? And most importantly, are the decors hiding a design flaw?

 

Don’t be pressured by multiple offers. You should buy the house because you see yourself living in it.

Never allow your emotions to push your budget above its limit. What good is a beautiful home if you won’t be able to afford it?

Don’t get excited about low-interest rates. These usually come with extra fees that if added, may actually cost as much or even more than the standard rates. Always calculate.

Don’t rush. Take time to see and compare homes in similar categories. Weigh the pros and cons and decide on what you can live with and without. Future-proof your investment by choosing the home that fits your financial capacity, needs, and future plans.

Don’t be afraid to explore your financing options. If at first, you do not qualify for a loan, do not be discouraged. Keep trying until you find the loan product that’s right for you. In Oklahoma, there is the REI Down Payment Assistance Program which has helped thousands of families achieve homeownership. You may ask your local agent for lender recommendations.

Are you looking to buy your first home? There are lots of beautiful yet affordable homes available throughout Bryan County OK. Let me help you. Call or email me today.

Comments are closed.

  • About Me

    Hi, I am Brian Allen. Yes, that's correct—the Brian Allen—most notably known for being a country boy with extensive knowledge of digital marketing and a keen interest in helping my clients understand how simple and fun the home buying and/or selling journey can be. Yep, that's me!... Read more

  • Contact Us

    Company Name

     Brewer Realty Group

    Address

     1010 W Main Street, Durant, OK 74701

    Phone

     580-238-1404

    Office Phone

     580-745-9499

    Email

     chifriedchicken@gmail.com

  • SIGN UP FOR PROPERTY UPDATES

    Sign up for automatic property updates for the latest homes and properties in Texoma