If you are just about to start shopping around for the first home of your own, you probably feel that the process is at least as scary as it is exciting – moving into your first home is probably a dream that you have been nurturing for quite some time, a dream that can come true any time now, but amidst all that excitement, you need to be aware that the best choice needs to be based as much on passion as on sound calculation. Here are some of the most important things to bear in mind while shopping for your first home.
Know How Far You Can Stretch Financially
Knowing how much you can spend on your new home is essential not only for ensuring that the financial burden of the purchase will be manageable for you on the long term, but also for ensuring a more solid and more confident negotiating position for you when you make your offer to the seller.
One of the best ways to determine your current financial situation is to have a look at your credit score – to be able to get the best financing option, the best interest and the most favorable loan conditions, you need a credit score of 700 or higher (the higher, the better, of course). If your credit score is lower than that, you should consider taking some more time to improve it, cutting your expenses, paying more attention to payment deadline and following a more disciplined spending routine.
Another thing that you can do to find out where you stand exactly from a financial point of view is to get pre-approved by a reliable and reputable lender. Obtaining a pre-approval letter will also ensure you a more favorable position when you make an offer to a buyer and you have to compete against other potential buyers.
Figure Out Exactly What You Want
You might have dreams about living in a huge mansion on a landscape with huge old trees, a pool and a Japanese garden, but you need to stay realistic and decide whether the best choice would be a condo or a family home. If the choice seems difficult, take your time to put together a pros and cons list – these lists are very useful and helpful in any difficult decision. Think about the costs related to ownership, about the aspects related to comfort and privacy, about the work you are willing to put into living on your property, about your plans for expanding your family, about aspects related to commuting and don’t forget to factor in the changes in the property’s resale value as well.
Consult an Experienced Realtor
When you have figured what you want and how much you can spend on the home, you can start browsing real estate listings on your own or you can turn to a realtor to actually find the most suitable property (or you can choose to do both, simultaneously), be sure to include the heritage Todd Creek homes for sale in your considerations. The benefits of working with a realtor is that your expert will be able to give you more insight into how the home buying process works and might also show you properties that you will not find on listings.