Buying your first home is a huge step, so congratulations are in order! For many people, real estate is a great way to finally be in a place to get a pet, expand their family, get married, or move to the location of your dreams.
For others, real estate is an opportunity to say goodbye to the horrors of renting. No more noisy upstairs neighbors, security deposits, or pet restrictions!
That doesn't mean buying your first home isn't a little scary. As a first-time buyer, where should you begin? There's a lot to think about, which is why we've assembled a guide to walk you through everything you might need to know!
Auditing Your Financial Health
In order to avoid many of the stressors associated with real estate, make sure that you're ready. Start by investigating your debt. What does your debt situation look like, and how does your debt compare to your income?
This is what lenders will be looking at when deciding whether or not to approve your application. Your credit score is important, too. You should always aim to use no more than 30% of the credit available to you for the best score.
Savings are also a crucial part of buying your first time. As any good real estate agent will tell you, you need to have at least three months of living expenses set aside.
You'll need to be able to have a down payment, moving costs, closing costs, and money for that first payment on your mortgage! Having money set aside for all of these things grants you peace of mind.
What Do You Want?
Once you're in the thick of the buying process, it's hard to maintain objectivity. This is especially true if you cave easily under pressure! Omaha real estate has so much to offer, and you deserve the best.
Before you even start looking at houses, make a list of what you want. What does the ideal home look like for you, and what items on your list are non-negotiable?
Once you've worked out what you want and need, it makes it much easier for your agent to guide you through Lincoln real estate. Sometimes, you'll need to adjust your list to suit reality. But since this is the biggest purchase that most families will ever make, it's crucial that you make sure you don't regret it!
One of the best things you can do for yourself is to get pre-approval on a loan. In many situations, you won't even be seriously considered if you haven't obtained preapproval.
Apply for a mortgage and jump through all the necessary hoops to start. You'll thank yourself later when it's the deciding factor for getting your dream home!
Buying Your First Home
Buying your first home is a dream for many people, and this step deserves to be celebrated! At Nebraska Realty, we'd love to guide you through the process and celebrate with you.
If you want more information on the home buying process or are looking for a real estate agent who has your best interests in mind, contact us today!