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Tuesday, February 21, 2017

Your First Home

It is the dream of many young couples to settle down and purchase their own piece of real estate – their first home. Sometimes a single person is following that path for their new home. Whether you are going solo or a couple beginning the adventure together, owning a home is a step toward improving your financial wealth. If your credit has been kept in order and you have enough money for a down payment, these are the next steps that you’ll need to take toward making that dream a reality.

Be realistic
First, you will need to be realistic about the budget you have to spend. You will want to be pre-approved for a mortgage so you know the amount that can be spent but recognize that does not mean you have to spend quite that much. You will have the mortgage to pay every month as well as essential bills and you will want money left to spend on things you enjoy. Narrow your search according to your personal budget while also planning for emergencies. Know that you are making a wise choice compared to paying always increasing and never-ending rent.

Make a list
Next, draw up a list of what you would like in your ideal home. You will need to find a place that can accommodate your situation as it is now, but you may also want to consider whatever your life plans and whether or not the home would be suitable in the future or if this home is a stepping block to something next.

Find a trusted real estate agent
It can be tempting to undertake the search for a new home by yourself and you may very well want to begin that search on the internet, but when you have it narrowed down a real estate professional will have the experience to help you find the right property to suit your needs. A professional real estate agent will have invaluable knowledge about the local area as you narrow down the options.

Property Offer
When you have found your dream property, it is time to write an offer and here the experience of your agent comes into play. Having an experienced agent negotiate on your behalf can save you thousands. In addition, you typically do not pay the agent- the seller does. Once a contract is in place, you will have the inspections done to protect your investment during an option period. You do not want to move into a new home and find some unexpected problems that could prove costly down the line. Your real estate professional will guide you through the remaining steps of going through Title and closing. Then the keys will be yours and you can move into your new home!