You’re ready to buy your first home…what an exciting time! Here are a few time-tested tips for first-time homebuyers so you get the most bang for your first-home buck.
1. Create a Realistic Budget
If you’ve never had a household budget before, now is the time to start. It’s best to know exactly how much you have available to spend up front and on a continuing basis, so you know what you can afford in mortgage payments. If you don’t have a written budget, you may be overlooking some big-ticket household costs like insurance, clothing, or vet bills. And it’s easier to save money when you know where it’s going.
2. Work with a Real Estate Agent
In North Carolina, the fees paid to your real estate agent are paid by the seller, so it’s actually FREE to work with a buyer’s agent. And even if it were not free, you’re going to want a real estate agent. Agents can be super helpful in telling you what to expect, what the law requires, and all the details of the home buying process. You don’t have to believe everything a broker says—look up anything that sounds questionable, or ask around—but you’ll save time and ultimately money by having the assistance of an agent.
3. Don’t Fall in Love Too Soon
Cupid may shoot you with his arrow, but try to wait to fall all the way in love with any house. Before you make up your mind, get a home inspection to find out your new love’s faults (every home has them). Sit outside the house during evening hours. And research the neighborhood to make sure it’s a good fit for you.
4. Shop Around for a Loan
Your agent may suggest area banks with good rates, but don’t overlook the little guys. Credit unions and smaller banks may have rates and terms that are favorable to you. Some areas have promotional programs to entice new buyers and rehabbers. And when you talk to the banks, they will let you know quickly how much you can afford to borrow.
See Related: Considerations For Getting A VA Loan For Your Move
5. Get Prequalified to Avoid Credit Glitches
Get your credit scores and fix any dings on your credit before applying for a loan. Then ask your favorite banks to pre-approve you for a mortgage loan. Sellers are more likely to accept an offer that they know a bank will approve! And you won’t be searching on the high end of your price range only to be disappointed and turned down for a mortgage.
6. Book a Good Moving Company
Make sure you book a reputable moving company with the necessary licenses and resources. A fly-by-night operation is no savings if there’s damage or loss!
Few Moves Moving Company is a local full-service moving company whether you’re moving long-distance or just across town. Few Moves has all the needed licenses, insurance, experience, and resources to make your move easy and safe. Call Few Moves today at (919) 999-6201 in Raleigh or (910) 512-6999 in Wilmington, NC to discuss your moving needs.