Buying your first home is one of the most exciting times of your life. Make sure that as a first-time home buyer in the Bay Area you’ve done your research and are fully prepared when making this large financial transactions. Here are some things to keep in mind when you decide that you want to buy a property.
Know How Much Can You Afford
Before your journey down the path to homeownership, its important to find out how much you can afford. Meet with a mortgage broker and they will provide you with a list of items to provide so that they can give you an accurate pre-approval. Your Bay Area mortgage broker will break down what your monthly payments would be like at the purchase price you’re pre-approved for. The broker will issue you a pre-approval letter which you’ll need to provide when you submit an offer.
Find a Trusted Realtor
If you do not know a great Realtor, ask your mortgage broker for a referral. It is important to have a Realtor who listens to you and knows the local Bay Area home market. Keep in mind that as a first-time homebuyer and at any other point when you purchase a home you don’t need to pay your Realtor fees. The Realtor gets paid their commission by the seller.
Do Your Research
It is important to narrow town a specific city in the Bay Area, whether it be Danville, San Ramon, or Alamo. The pre-approval that your mortgage broker provides you will help guide you in choosing a city that best fits your price range. Once you narrow down the city that best fits your needs you can begin deciding on defining what part of that Bay Area city you like best.
Look Beyond the Paint
Not everyone has the same tastes- that is no different with colors of the walls in a home. Don’t get distracted by a paint color. Paint doesn’t require a full home remodel all it takes is a couple paint tins and paint brushes. Don’t walk away from a Bay Area home simply because of its wall color. It is key to keep an open mind and think of what it could be with your own personal touches.
Get Your Inspections
A home might look good from the outside; however, you have no idea what lurks beneath. When getting into contract and purchasing a new home make sure to get a property inspection. A licensed inspector will go through the home and identify things that need work or could potentially become a problem. It is crucial to review these reports, because they’ll identify things that you might not be able to see. You may spend a couple hundred dollars, but it’s money well spent. Especially if it identifies thousands of dollars’ worth of repair.
These are just a few things to keep in mind as a first-time homebuyer. You’re going to have more questions than answers when you first start your journey. Make sure you utilize the expertise of Karen Douglas, the Mortgage Genie or your local Realtor to assist you through this exciting process.