First of all, congratulations on finally taking the big leap towards homeownership! Now you can enjoy the perks of an investment your whole family can enjoy, and whose value grows considerably over the years.
That said, a house will be one of the biggest purchases you will make in your life, so careful consideration is required. Below are some tips that all home buyers should know before signing the dotted line:
Crunch the numbers
Before looking at houses, look at your finances first. Do you have enough money to cover the 20% down payment? Is your credit score at least 700? If you add up your car payments, insurance premiums, utility bills, and other recurring expenses, will you have enough money to pay the monthly mortgage? If you answered ”no” to any of the questions, you may want to bulk up your savings or consider a more modest home.
Take advantage of first-time buyer perks
First-time home buyers can approach the Arizona Industrial Development Authority (AZIDA) or Arizona Department of Housing (ADOH) about special loan programs that make home buying easier. Some of the benefits include low or no down payment, flexible credit schemes, and low closing costs, among others.
Once your finances are in order, approach a mortgage lender and get pre-approved. During pre-approval, the lender will check your finances and give you a ballpark figure of how much they’ll be willing to lend you. Why does this matter? Because sellers prioritize prospective buyers who are pre-approved and this gives you an edge over other bidders.
Choose the right neighborhood
More than the home itself, look at the neighborhood. Are the schools in the area reputable? Is the home close enough to central business districts and workplaces? Is the neighborhood easily accessible via major highways and public transport? As real estate agents say, it’s often better to buy the worst house in the best neighborhood, than to buy the best house in a bad one.
Hire a real estate agent
Want to find your dream home pronto? Then let an experienced real estate agent assist you. Real estate agents have access to both listed and unlisted homes, allowing them to easily shortlist properties that match your lifestyle, budget, and preferred location. They’ll also handle all the legal paperwork that goes with buying a home, and they’re ace negotiators who will make sure you get the best deal on the house you’ve set your eye on.
Schedule an inspection
Never buy a house without getting it professionally inspected first. If issues are uncovered during the inspection, you can ask the seller to fix it, give you a discount, or walk away completely. It’s also wise to get a termite inspection, as subterranean termites are an issue many homes deal with at some point.
Our team at Urban Luxe Partners looks forward to partnering with you during this exciting journey. For expert real estate advice and assistance, don’t hesitate to contact Urban Luxe Real Estate at 480.359.6519 or info(at)urbanluxere(dotted)com.