Deciding to buy real estate is one of the most important decisions you will make. It is also one of the largest investments you will make. In this blog, we cover some tips that will help guide you through this process.
- Understand Why You Want to Buy a Home
Purchasing a home is a major decision that should be thoroughly thought out. We recommend writing down a list of reasons on why you want to purchase a home to ensure you’re ready for the responsibility it entails.
- Research the Current Market
It’s important to stay up-to-date with the current market. Right now, most homes are receiving multiple offers and selling well above asking price, but mortgage interest rates are at an all time low, making it a great time to buy a home!
- Start Saving Early
Once you’ve decided why you want to purchase a home, you will want to start saving. You will be responsible for a number of costs, like your down payment, earnest money deposit, inspections, closing costs, and moving expenses, etc.
- Strengthen Your Credit
The better your credit score, the better chance you have at securing financing with the best terms and rates. If you’re concerned about your credit, speak to a mortgage lender for tips on how to improve it.
- Decide What You’re Looking For
Write down a list of your must-haves in a home. These may include factors like: location, number of bedrooms and bathrooms, etc. Separate your wants and needs to determine what’s truly important to you.
Learn more about living in Smith Mountain Lake and Bedford!
- Determine Your Budget
Keeping in mind the various costs when purchasing a home, determine your budget.
- Speak with a Mortgage Lender
Once you’ve determined your budget, speak with a mortgage lender to see your financing options. They will be able to confirm your budget and get you pre approved to buy a home.
Read more about financing here.
- Find a Real Estate Agent
Finding a real estate agent that fits your needs will make the home buying process much easier. There are 11 seasoned agents with The Realty Group Team. Read about us and our specialties here.
Pictured Above: The Realty Group Team
- View Homes
Once you’ve gotten a prequalification/preapproval from a lender and have found an agent, you’re ready to view homes!
- Submit an Offer
When you’ve found a home you love, submit an offer! Your agent will write the contract and ensure you understand everything being written. Then, they will send it to the seller’s agent. If your offer is accepted, you’re one step closer to home ownership!
If you’re considering buying a home please Call/Text Teresa Grant (434) 546-3202.