If you’re buying a home for the first time, here are a few tips to make it a smooth and stress-free process.
- Get pre-approved for a mortgage
Getting pre-approved for a mortgage will give you a clear idea of how much home you can afford. This will streamline the search, helping you save time and energy in the process. This will also keep you from selecting a home that is worth more than the amount you can borrow.
Pre-approval also gives you the edge when a bidding war ensues. It sends sellers the message that you’re in a financial position to buy, and that an offer from you is more likely to go through.
- Keep your finances in shape
In order to get pre-approved for a mortgage, you must have a good credit score and enough cash set aside. That means managing your debt and building your savings. It’s also advisable to put off major purchases until after you secure financing.
You must also have enough funds for utilities, homeowners association (HOA) fees, daily expenses, and personal emergencies. The last thing you want is to be house poor, or being saddled with monthly payments, with little set aside for leisure and necessities.
- Know what you want
Cleveland offers an excellent selection of entry-level homes. Choosing is the hard part. Determine the number of bedrooms your household needs, and come up with a list of features that you’d like to see in your first home.
The same goes for the kind of neighborhood you’d like to live in – Pepper Pike, Hunting Valley, and Shaker Heights are among the best areas for families.
- Work with an experienced Realtor
When buying a home for the first time, you’ll need the guidance of a Realtor. This will help you avoid costly mistakes. Find someone who knows the local market well. They can keep you updated on the latest trends and developments affecting your purchase.
A good Realtor will also listen to your needs, presenting you with listings that match your criteria. This increases your chances of finding the right home.
Cici Riley would be happy to assist you. She has been connecting people and properties for over two decades. Call her at (216) 454-7298 or send an email to CiciRiley(at)HowardHanna(dotted)com for assistance.
- Search online
Search the web for listings to get started. This will give you an idea of what’s out there and the price range of properties in the area you’re eyeing. Your Realtor might suggest listings as well. Find out how many open houses there are. From there, you and your Realtor can set a schedule so you can attend as many home viewings as needed.
- Come prepared
When attending an open house, be prepared to make an offer if you find yourself ticking the all boxes on your checklist. This will increase your chances of getting the home, especially if other buyers are interested. Bring your pre-approval letter to show the seller that you are serious about making a purchase, and this might make them more willing to negotiate with you.
With these tips in mind, you’ll be able to avoid the common pitfalls of buying a home for the first time.