Buying a house is a pretty big deal, especially if you’re looking to buy your first home. The process itself can be rather confusing, full of a lot of details and steps. But before you can even get into the process of actually buying the home, there are a few steps that you need to take. Here at Williams Realty Group, we’re dedicated to helping you through every step in the process, even the steps that come before the actual process.
Set aside your savings
One of the most important, and honestly one of the hardest, steps to buying your first home is being able to afford the house. Over the years we’ve found one of the easiest ways to do this is by setting up a special savings account that is just for your new home purchase. Once you have that setup, automate a portion of your paycheck to be transferred into that account. Over time you can increase the amount that you put into that account as you get used to living on less while you’re saving.
Add to your income
In addition to setting aside money for your first home, taking action in adding to your income can help you reach your goals that much quicker. Now we know that this is a lot easier said than done, but remember every little bit helps. From earning money driving with Lyft or Uber in your spare time, to dog walking and house sitting in this day and age where there a lot of ways to make a few bucks to put into your new savings account without having to cut back dramatically in your lifestyle.
Find the right real estate agent for you
We may be a little bias, but we happen to know a few realtors that will go the extra mile for you. That’s what makes the difference when it comes to real estate agents, make sure to do your research when looking. Not every realtor is created equal, be sure to make sure you’ll get along with them because you’ll be doing a decent amount of communication throughout the process!
A pre-approval letter is your friend
Not to be confused with being prequalified, a pre-approval letter is a document from a lender that shows you exactly how much they’re willing to lend you in writing. Being pre-qualified is just an estimate based on your debts and income where pre-approval is an in-depth look at your finances. Sounds scary, right? Well, it’s really not! We even make the process simple with our EZ mini-app on our website. Having this pre-approval letter will show just how serious you are to someone selling and could even separate you as the front runner compared to other buyers who aren’t pre-approved.
Stay Under Your Pre-Approval Limit
The important thing to remember is that the pre-approval amount is the MAX amount of money that you can borrow, that doesn’t mean you HAVE to borrow that amount as a first-time home buyer. Homeownership can be quite expensive, so it’s smart to give yourself a little bit of a buffer for any unexpected costs that come with your first house.
Being a first-time home buyer can be intimidating as you venture into the unknown, luckily by finding the right real estate agent, you’ll be locking down an educated guide that can show you how to navigate the process and lead you through to the other side. So if you’re looking to buy a home in 2019, let us know! Even if you’re just in the early savings stages we can connect over a free mortgage consultation so you know just how much you’ll need to save to get the home of your dreams.