Finding your dream home can be tricky, especially if you have never been through the process of purchasing a home before. Below we created a list of the common mistakes to avoid during the house hunting stages.
#1: Get pre-approved
If you are serious about buying a home the very first thing you should do is get pre-approved. This means getting a letter from a mortgage company that tells you how much money you can receive. This document helps you set your budget and also shows sellers that you’re serious about buying their home.
#2: Select your personal budget
Getting your pre-approval letter helps guide you in realistic terms of what the bank will assist you with. However, you don’t have to spend that much. The pre-approval letter is the maximum amount you will be given for a loan to purchase a home. The letter is not the amount you should spend. You need to ensure that you can handle the mortgage payment along with any other recurring expenses you have. This is why we suggest sitting down and setting a budget that is realistic for you. You should not be basing your budget solely off of your pre-approval.
#3: Hire a real estate agent
This is a big suggestion for all first-time home buyers. The real estate industry is constantly changing and can be tricky to understand. An agent is a person you count on to guide you through all the steps. They are also there to answer any questions, negotiate on your behalf, and access information that can benefit you.
We hope this helps you understand the basics of getting started with purchasing a home. Any of the agents at Xtreme Trophy Properties are knowledgeable and ready to answer your home buying questions. Visit our real estate agents page to learn more about our agents or send us a message to get started today.