Significant Steps to Successfully Buying Your First Home
As exciting as the experience of buying your first home can be, it can also come with a lot of emotional and financial stress, especially when you haven’t done your homework and taken the right steps in the process. However, this should not be so; millions have been there and they have succeeded, so you can succeed as well. One of the surprising things is that first time home buyers will complete several steps before actually looking for a house they can afford. Let’s get straight to what you need to do when it comes to buying a home in Daytona Beach Florida.
Assess Your Financial Strength
You want to have a clear idea of how much you can spare from your savings and investment accounts. The last thing you want to happen will be to pay a down payment for a house before considering an emergency account that can keep you going for the next 6 months. It is best practice to be able to account for every dollar you spend, including car maintenance, kids’ activities, living expenses, and every other expense. Perform a financial audit that allows you to determine how much of a mortgage payment would fit into your budget.
You’ll also need to review your credit report as this could play a vital role in getting approved for a mortgage. If you plan to buy a house with your partner, it will be absolutely necessary to review both your credit reports. The best thing would be to get a merged report from the three major credit bureaus: Equifax, Transunion, and Experian. By law, each person is allowed one credit report per year. A review of your credit reports will allow you to check for discrepancies, understand how your credit history appears and determine whether there are arrears or missed payments, and ensure that information on the report is accurate. Note that your credit report is one of the major contributing factors for getting a mortgage approved.
Get Pre-qualified and Pre-approved
This is one of the important steps you’ll take when purchasing property in Port Orange. This is the process where you meet with a mortgage professional advisor who looks at your bills, income, outstanding debts, and determines how much you can get on a mortgage. You can also use calculators on websites for banks and financial institutions to determine how much of a mortgage you can get; however, speaking with an experienced professional allows room for questions and answers and for clarifications.
The next step in buying a home in Daytona Beach Florida would be to actually get pre-approved for a mortgage. Getting pre-approved is a process that you can combine with pre-qualification for a loan, and this assures you that you can go ahead and start shopping for a home as your mortgage is already a done deal. You’ll not be setting yourself up for disappointment and frustration when you are pre-approved. This also allows you to close the deal sooner and beat other buyers whose eyes are on the same property you want to buy. Without a clear idea of how much you can spend for a home, realtors will most likely not want to meet with you.
Now, Find a Good Realtor
You know now how much you can afford for your dream home and your mortgage deal is as good as done, it is time you move to one of the important steps in the home buying process: finding the right realtor to work with. Don’t just think about doing it on your own. Don’t even try to convince yourself that you’ll save a lot of money by not hiring an experienced and skilled real estate agent. On the contrary, while helping you find the right property to buy, a competent real estate agent can help you save a lot of money and avoid costly mistakes that first time home buyers commit. Get an agent who works the area where you want to buy your home, and one with a solid network of other professionals who can offer advice on insurance, home inspection, and a lot more. For instance, if you are purchasing property in Port Orange, it will be to your benefit to work with a realtor who knows the area very well. Most of the grunt work will be done by the real estate agent who will contact listing agents to arrange for showing and help you negotiate a great deal. As a buyer, you don’t even pay the realtor; sellers pay them a commission, so you lose nothing hiring a competent real estate agent to keep your back.
Choose Your Neighborhood Wisely
The realtor will play a vital role when it comes to understanding the general atmosphere of specific neighborhoods. You may certainly have an ideal location for your home, but it is better to keep an open mind. The further you move from Metropolitan areas, the less expensive are the homes, so you want to be on the lookout for those treasures that are hidden from most home buyers. Working with a combination of factors, including your needs, the proximity to the amenities, and the costs of commutes, you can find an ideal home for yourself. The location can constitute one of the major challenges in buying a home in Daytona Beach Florida, especially if the different factors are not harmoniously blended together. So, it will be important to think about how much time you will spend on commuting and the cost of transportation in general.
Whether you’re buying a home in Daytona Beach Florida or purchasing property in Port Orange, the above steps will help you advance with confidence. Now you are ready to take the plunge and own your dream home, but before you make the offers, crunch your numbers. Remember that you’ll have to pay the closing costs, handle moving expenses, replace or buy new appliances in some cases, so you don’t want to find yourself in financial stress before you are even settled in your new home. You should not overlook the hidden charges such as home taxes, home inspection, and home insurance. These tips, combined with the partnership of a seasoned professional real estate agent, will help you create a memorable experience with the purchase of your first home.
If you are looking for the best home or condo in Daytona Beach, Port Orange, Ormond Beach, Ponce Inlet, and New Smyrna, then the Executive Realty Group and Lee "MrT" Toutounchian have the experience, the expertise, and the negotiating skills you need to beat every odd and purchase the property that is just right for you. Partnering with them will allow you to benefit from their extensive knowledge of the area, their professional acumen, and access to resources that could, otherwise, be hidden from you.