It's already complicated buying a home. Buying your first home can be even more so. There are plenty of guides available for first-time homebuyers to offer advice throughout the journey, but before you get started, there are some key things you can do to prepare. Here's a list of the best things to do before you start actively searching for your first home:
Save for a Down Payment
One of the biggest expenses to plan for in buying a home is the down payment. If you opt for paying a larger down payment, you won't have to borrow as much for your mortgage. Larger down payments can also have additional benefits, like securing better interest rates or other favorable terms. Plan to save up enough money to cover a down payment of around 3% of the purchase price and you'll be in great shape to buy your first home.
Find an Agent
A buyer's agent will improve and streamline your entire buying experience. A real estate agent will represent you in negotiations and help you with your home search. Their access to special resources and their professional expertise can broaden your possibilities and help you find homes for sale that aren't on the major search portal sites. Working with an agent you trust will take a lot of the anxiety and frustration out of buying your first home.
Get Mortgage Pre-Approval
Finding the right mortgage lender and getting pre-approved for a loan is crucial to the home buying process. A pre-approval serves as proof to sellers that you're financially responsible enough to pay for the house. It also shows that a financial institution has vetted you for things like your credit score, debt-to-income ratio and other factors. Shop around for a mortgage lender before you begin your home search and you'll know how much home you can afford while also improving your chances of a seller accepting an offer.
Buying your first home is a major life event, but it doesn't have to be overwhelming. Use this simple list to prepare yourself for the process and find your dream home.
About the Author
Daniel Martin
Membership:
National Association of REALTORS (NAR)
Connecticut Association of REALTORS (CAR)
Bridgeport Board of Realtors
Valley Board of Realtors
Greater Fairfield County CMLS
Connecticut CTMLS
Education:
Principals and Procedures of Real Estate
Naugatuck Valley Community College
Connecticut School of Electronics
Housatonic Community College
Achievements:
Connecticut Magazine 5 Star Realtor 2014-2023
Top Producer
Top Listing Agent
Top Selling Agent
Professional Specialty:
My experience and expertise in the home selling and buying process gives my clients an advantage in any real estate market.
*First Time Home Buyers
*Single Family Homes
*Multi-Family Homes
*Land
*New Construction
*New Residential Developments
*Condominiums
*Downsizing
*Rentals
Personal:
Lifelong Connecticut Resident
Married with 2 Children, 3 Grandchildren
Musician
Golf Enthusiast
Areas Covered:
I specialize in Fairfield and New Haven Counties. *Shelton *Trumbull *Stratford *Bridgeport *Fairfield *Milford *Danbury Beacon Falls *Brookfield *Naugatuck Valley It doesn't stop there - I can also refer to anywhere in the world! Niche Marketing My background in customer service and technology gives me a step ahead of the competition. I use every available Marketing Resource to make your home stand out.
