When making a home purchase, first time home buyers are more likely to act on emotion and can sometimes experience needless disappointment. In the spirit of Valentine's Day, here are a few tips to follow if you want to buy a home without your heart being broken.
* Get PreApproved: Agents will often tell you not to look for a home until you are pre-approved. You may be tempted to think we don't trust your ability to purchase, but there are many reasons to speak to a lender before looking at homes. One of the biggest reasons is that people tend to overestimate the home they can afford and are qualified for. When you fall in love with a $200K home only to find out you are approved for up to $175K, it can be heartbreaking. Remember, the loan officer needs to determine your rate, as well as taxes, insurance, and HOA costs you may not be thinking about.
* Be Ready to Make an Offer: We know how exciting the prospect of homebuying can be. The allure of online searching is hard to resist, especially after you know how much home you can afford. But if you have to ride out a lease, wait for a credit issue to be resolved, or save up some cash, you may be looking at homes that will be off the market when you are ready. Of course, it may be unrealistic to tell you not to look online to assess the market - but refrain from going out and looking at homes until you can decide to sign an offer if you find the right one.
* Be Fiscally Responsible: Buying a home costs money. Sounds obvious, we know. But on top of your loan commitment, you will need cash for a down payment, inspections, and appraisals - not to mention closing costs which routinely add up to over $10K. Home buyers are regularly blindsided by the fees, so saving up ahead of time will allow you to have the finances you need to close the deal. And don't forget! Once you have a loan pre-approval and have made an offer, do not make ANY major changes until after closing. This means you should make no job changes, no major purchases, and open no new credit lines. Your lender can refuse to provide the loan right up until closing if something changes their calculations - and having a deal cancelled at the closing table is the ultimate heartbreak.
These are just broad guidelines, but buying a home entails many more details. Working with a buyer's agent from ONE Sarasota Realty Group is a great way to make sure all your bases are covered, and that your dream home becomes a reality for you. Remember, you do not pay a fee to have us represent you, so call us today!
Sara Boudarga & Debbie Gonzalez (941) 330-0407