Realtor Tips for First Time Home Buyers

desk with calculator and pencilsBuying a first home is exciting, exhilarating, and yes, a little daunting. It’s a huge investment and there are plenty of ways to go astray during the process. Fortunately, having a trusted real estate team like The Premier Group by your side can help make the experience successful and save you a lot of stress, so read on for some first-time home buyers tips from our Woodstock real estate agents.

Know what you can afford

Before starting your home search, it’s important to know what you can afford- and that’s not a question that can be answered by an online mortgage calculator. In addition to the actual mortgage payments, you will need to factor in the cost of maintenance, lawn care, local taxes, homeowners insurance, and repairs (both emergency and routine). It’s important to have a realistic grasp on your finances in order to know how much house you can really afford.

Get pre-approved for a loan

While a trip to the bank may not be as fun as jumping in to your home search, you really need to get pre-qualified for a mortgage in order to know what price range of homes to look at. This will save you the heartache of having your Realtor show you a bunch of beautiful homes, falling in love with one, and then finding out you’re not a qualified buyer.

Have a safety net

First time home buyers are often tempted to spend their entire savings on the down payment in order to avoid paying mortgage insurance. This is a misguided approach because those homeowners are then left with nothing in reserve in case of the aforementioned homeowner expenses or other curveballs life may throw at them.

One of the most important things for any home buyer- especially a first-timer- is to have a trusted team on your side. If you are looking for a Woodstock real estate agent to help you find the home of your dreams, contact us today!

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