Buying your first house can be overwhelming for a lot of reasons. Apart from emotions running wild, buying real estate for the first time without any prior experience can be a challenge. Along with all the formalities, documentation, and procedures of the whole ordeal – getting through the first-time homebuyer’s experience requires professional guidance and assistance. 

Hence, we present to you Bellagio realtor’s guide for first-time homebuyers.

Getting Through 5 Initial Steps for First Time Home Buying

We understand that there is so much at stake when it comes to buying real estate for the very first time. Everything seems overwhelming, from paperwork to mortgage, credit scores, and taxes. Therefore, we have compiled a list of the first few initial steps that you need to take when going through home buying. Let’s get started!

  • Save Up For the Down Payment

First, if you are looking to buy a house for the first time, you will have to save up for making a down payment. Figuring out your finances can be the make-or-break factor when it comes to home buying. The first-time homebuyer will require a mortgage to borrow money from a lender to pay over time. However, acquiring a mortgage means making a significant amount of down payment to lay down the deal. So financial accounting is of the essence; otherwise, no down payment, no mortgage, and no new home. On average, a home buyer’s mortgage goes up to 20% of the property’s price.  

  • How Is Your Credit Score?

Next in line is one of the most overlooked factors – credit score. It is like not being a good person the whole year and expecting Santa to show up with a gift on Christmas. If your credit score has not been good, you will not be allowed a home loan or a mortgage. Not being allowed to borrow money means no home buying. Therefore, checking and maintaining your credit score is crucial, especially for first-time home buying. So ensure that all your credit card balance is paid on time, your credit report summary is on point and error-free, and you have paid past debts, etc.

  • Seeking Mortgage Approval

Coming down to this step means that you have a significant amount saved up for down payment and your credit report is a shining golden star. So consequently, your next step is seeking mortgage approval for your first-time home buying. The ideal scenario is meeting with several loan officers at different mortgage companies. After conducting thorough background checks and analysis over your financial history – the loan officer lays down a figure that they can allow you to borrow and a monthly payment plan you can afford to pay off. However, an issue can arise anywhere amidst these steps that need to be dealt with accordingly.

  • Get Yourself a Bellagio Realtor

Time is of the essence, and a lot is at stake. You certainly don’t want to waste any of the time, money, and effort over petty mistakes and regret at your first-time home buying experience. Hence, you can do well with hiring a Bellagio realtor for yourself. When it comes to buying a home the first time, you have to make sure that your budget is met and you find something that goes with your lifestyle standards. An experienced realtor like Karen Lawrence understands such personal needs and equips you with the best deals accordingly. The key is to be vocal with your requirements and clearly state what exactly you are looking for.

  • Go Home Shopping!

This is where the fun actually begins. At this point, you can answer your realtor’s call and head out to all the locations they recommend. You can look out and checkmark if a property fulfills all your requirements from luxury, comfort, budget to neighborhood, environment, and many more ideal circumstances that first-time homebuyers look for. Your realtor can then set up appointments for you to discuss your favorites and dealmakers in person with the homeowners. Moreover, you can always ask for other equities like time to move in, maintenance, and other renovation requirements that you need before you buy the property.

Final Thoughts

Now that you are aware of the first few initial steps you need to take when buying a home for the first time, we hope you get through the tedious process successfully. Looking for a reliable and experienced real estate consultancy in South Florida? You can trust Karen Lawrence as your Bellagio realtor in the South Florida area. She takes it as her goal to help you find the ideal property to purchase.

To start your search, contact Karen today!