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The Ultimate Roadmap to Buying Your Very First Home

The Ultimate Roadmap to Buying Your Very First Home

Bob The Broker
Bob Friel
Published on May 4, 2023

The Ultimate Roadmap to Buying Your Very First Home

Congratulations! You’ve made the decision to become a homeowner, and that’s a big step. Whether you are tired of renting or just ready to invest in a place of your own, the home buying
process can seem overwhelming at first. But with the right preparation and guidance, you can navigate the waters and find the perfect home for you.

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I invite you to read and engage with this article, A comprehensive roadmap on how to buy your very first home.

Buying Your First home. Dial in Your Finances and Determine Your Motivation:

The first step to buying a home is making sure it is financially feasible for you. This means taking a hard look at your current expenses and figuring out how much you can afford to allocate towards a monthly mortgage payment. Additionally, you should determine why you want to buy a house. Is it for the stability and investment potential or are there other motives like proximity to schools or work? Knowing these answers will guide you in the home buying process.

Buying Your First home. Look into Home Buyer Programs:

There are numerous loan programs available that can help you get into a home with little down payment or extra assistance. Research which programs would be a good fit for you, such as FHA loans or VA loans. For veterans, being qualified to receive full entitlement of benefits can offset a significant portion of home buying costs. Consider Your Location: Location is key when purchasing your first home. Factors such as proximity to work, shopping, and schools can affect price and accessibility. Determine if you are looking for a quiet suburban neighborhood or an up-and-coming city area. Know your budget and understand the costs for each area you are considering.

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Buying Your First home. Get Pre-Approved for a Mortgage:

Once you have an idea of what you can afford and where you want to be, it is time to get pre-approved for a mortgage. This should be done before you start seriously looking for a home. Being pre-approved will give you an advantage over other buyers and make the process smoother.

Buying Your First home. Work with a Realtor Or a Team!:

As a first time home buyer, it’s important to work with a realtor or team that has your best interests in mind. At our business, we understand the importance of finding the best terms for your mortgage and will work with you every step of the way. Our partner, Tony Andre, personally takes our clients into the field to ensure they find the perfect property. With our pre-approval process, we can negotiate the best sales contract price for your dream home. We are also skilled in negotiating closing costs, which can be paid by the seller, bank, or even our team.

Buying Your First home.  Start Looking Before Your Lease Ends:

If you are renting, it is recommended to start looking for a home at least 4+ months before your lease ends. This will give you the necessary time to find the right house, negotiate and secure financing.

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Buying Your First home. Start Looking at Homes:

This phase can be exciting and nerve-wracking. With guidance from your realtor, start visiting properties that match your criteria. Be sure to take notes on each property and ask questions. Also, consider visiting open houses in neighborhoods you’re interested in, attend virtual tours, and find listings online.

Buying Your First home. Put in an Offer and Get Under Contract:

Once you’re found a home that you love, be ready to make an offer. Your agent can help you with this process and give you guidance on how to negotiate if there are multiple offers. Once your offer is accepted, you’ll get under contract, beginning the legalities of the home buying process.

Buying Your First home. Close on Your Dream Home:

This is the final step that leads to you owning your own home. The closing process can take anywhere from 30-60 days as you finalize financing, get an appraisal on the home, and secure insurance. Once this process is completed, you will be a homeowner.

The process of buying your first home can be overwhelming, but with a little preparation, you can confidently turn your homeownership dreams into a reality. Remember to evaluate your
financial situation, figure out why you want to be a homeowner, and work with a licensed realtor. With this roadmap, you will soon find yourself in the house of your dreams. Best of luck in your
home buying journey!

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Bob Friel Bob The Broker
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