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5 Tips For First Time Homebuyers

5 Tips For First Time Homebuyers

 Possibly one of the biggest decisions you will make in your life is buying your first home. It can be daunting, and you may feel like home buying is in an entirely different language. Escrow, interest rates, down payments, condo docs, HOAs, credit scores, pre-approvals… It can be a bit overwhelming. But fear not, you’re going to go in to this process prepared. Let’s assume that you clicked on this article because you have made the decision to purchase a home—that’s obviously the first step. But now what? Here are 5 tips you should consider before you purchase your first home.

1. Work on your credit score.

There are plenty of websites nowadays that will tell you your credit score for free. Take a look at it preferably a year before you want to purchase a home, so that you have plenty of time if things need improving. Most lenders want to see your credit score above 700, so definitely aim for that. And remember, the better your credit score, the more likely you are to get a much lower interest rate. And who doesn’t want to save tens of thousands of dollars?

Helpful tip: If you feel like your credit score is good enough to being looking for your perfect home, it’s a great idea to get a lender to pre-approve you before you start shopping—this will both let the realtors and sellers know you’re serious, and give you a general idea of what the bank thinks you can afford. To get pre-approved, lenders will verify your employment, income, and credit.

2. Know what you can afford.

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Things NOT To Say When Selling Your Home

Things NOT To Say When Selling Your Home

selling your home

Everyone who is trying to sell a home is typically wants to do it as quickly as possible. As a seller, you and/or your qualified real estate agent should be aware of all of the items required by law that must be disclosed to buyers. These things, depending on the state you’re in, can include your flood zone, whether the house has lead paint, previous improvements or renovations, termite problems, and more. But what you should also know, is what not to disclose.   

“We love this house, but…”

Stop right there! No matter what you insert into the end of that sentence, your potential buyers don’t need to hear it. This statement puts doubt into their minds, makes them see problems that they might not have noticed before. Bottom line, it can be detrimental to that sale. What might you say here that is not good?

Go ahead, just fill it in: -We love this house, but there’s just not enough storage space.

We love this house, but our family has outgrown it/we’re getting a divorce/my spouse died.

We love this house, but it isn’t close enough to good schools/the city/work/shopping/etc.

 We love this house, but we always wanted to change the layout/the size/the closet space/the kitchen/etc.

 We...