Buying your first home can be very exciting, but also daunting. It requires a lot of research into what you can afford, how much you’ll have to save, getting approved, where you want to live and more. Buying a home can help improve your equity, credit score and will give you a sense of accomplishment. Here are some tips for buying your first home.
Go through a trusted real estate agent
Going through a real estate agent the first time will help you understand the process without having to do all the research by yourself. A real estate agent will research homes within your price range and give you advice. It’s worth the extra money to do it right the first time. Do some research and talk to friends and family about what agency they’ve gone through in the past. Valley Brokers is a great place to start if you’re looking for Albany, OR Real Estate.
Make sure your credit score is home buying ready
Your credit score needs to be good in order to get approved for a home loan. If your credit score is not quite there yet, consider paying off some debt or going with a smaller investment first. Your credit score will also have a stake in what your loan interest rate will be and how much you can afford for a down payment.
Focus on the important things when doing a walk through
Don’t get distracted by odd or pretty decor. When you buy the house, that won’t be there. Pay attention to the structure, room size, renovations and any permanent or expensive to fix structures. You can always paint over walls or get new flooring.
Know how much it will be
It’s wise to meet with a mortgage broker or the bank you’re planning on getting a loan through first. You need to know how much you’ll be approved for and what you can afford for a down payment. Just because you get approved for a certain amount doesn’t mean you should borrow it all. If you don’t have the money for a down payment, closing costs, or necessary renovations, it’s best to wait.
Get an inspection
This is almost a no-brainer, but you don’t want to be stuck with a house that has a whole list of problems and find you paid more than what it’s worth. An inspection will help if a problem does arise, the buyer will more than likely be willing to fix it before you buy.