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Home Buying Simplified: Here’s What
to Expect Every Step of the Way
Buying a home is one of the biggest purchases you’ll make in life — if not the biggest. And yet, the amount of money involved is only part of the equation. Home buying is also highly emotional, and the process can get stressful when you have so much invested, mentally as well as financially. This may make home buying sound daunting, but it really doesn’t have to be! NVGemme Real Estate offers the following tips as you navigate uncharted territory.
Nail Down Your Financing
Even if you’ve started browsing for homes online, the first real step forward is to get your financing in order. You’ll need to start by determining how much home you can afford and what your options are for financing. A good rule of thumb is to spend no more than 30 percent of your income on housing, including taxes and insurance. Another key point to consider is that you don’t have to spend that full amount. Ideally, buying less home than the maximum you can afford is a smart decision because you’re left with more money to make improvements and save for future needs like retirement.
When you’re ready to secure financing, the type of loan you can get will depend on several factors, such as your income, your credit score, and the amount you have saved for a down payment. Homebuyers should also be aware that there are different types of loans, with some that are better than others for any individual or family’s situation. For example, if you’re a first-time home buyer, an FHA loan gives you the option to make a smaller down payment.
If you’re unable to put down a lot of money as a down payment and you’re concerned about high interest rates, look into paying points to keep those rates down. Essentially, when you elect to pay points, you pay a fee to your lender at the time of closing, though this option is often best explored by people who intend to keep their homes for a while. If you’re curious to see how paying points could help, check out an online mortgage points calculator.
Choose a Real Estate Agent
First-time homebuyers may wonder if they need a real estate agent. The benefit of working with NVGemme Real Estate is that we can offer guidance along the way, from searching for the right home to negotiating a deal and going through the steps of closing on your new home. What this means for you as a buyer is that it simplifies the process and can even save you money.
Once you know what your home buying budget is and connected with David Liberatore, start finding homes in your price range that fit what you’re looking for. As a professional home builder tells Forbes, it’s best to go in with an idea of which home features are must-haves on your list and others that you can live without. You may walk into a home and know it’s “the one,” but it’s just as likely that you will have to make some compromises.
And while it’s good to have an idea about which features are non-negotiable, homebuyers should also keep an open mind. For example, if there’s a neighborhood that feels like the community where you belong but you’ve only seen homes there that are outdated, would it be worth making renovations in order to be in that location? These are the kinds of questions homebuyers encounter, so be prepared to think critically about what matters most to you.
Make an Offer
When you’re ready to make an offer, NVGemme Real Estate will be able to help you iron out the details, such as what price would make a strong offer and whether you want to include any conditions. After you make an offer, the sellers could accept it, counter, or reject the offer. Whenever you have an offer that’s accepted, you will then obtain a home inspection and appraisal and then set a date for closing.
Of course, in real life, things don’t always go as smoothly as you’d like. Home buying can also be a long process. However, knowing what to expect will help minimize those hiccups, and when you sign on the dotted line, the feeling of becoming a homeowner will be worth the wait.
If you’re ready to buy the home of your dreams, turn to NVGemme Real Estate, and stop searching and start finding your dream home. Reach out today by calling 775–302–8177.
Article written by Tina Martin.