Monday, March 13, 2017 / by Jason Huval
4 Tips for Purchasing Your First Home
Ready to buy your first home in Austin? Here are 4 things to know!
Getting ready to purchase your first home? If so, you’re getting ready to make one of the largest investments you’ll ever make. Much praise goes into being able to take this step, however, you need to be attentive and understand your situation going into it.
Many buyers stumble into the process assuming they are set and fully prepared to get the show on the road, only to hit speed bumps along the way. Keep these 4 things in mind to be ready once you encounter a difficulty along the way and to ensure this is the right investment for you.
Location, Location, Location
Everyone wants to live in the nicest neighborhoods and have great neighbors. They may target certain school districts or regions of a city they see as ideal. When considering the location for your new home, bear in mind that where your home is located can do a lot of good (or bad) in terms of being a long term investment. In a city like Austin, homeowners have seen a great rise in property value over the years. This is exciting and can be great to know your home’s value is increasing though it can happen the opposite way as well. Be sure to do your homework on the home you are interested in and the location around it. If it seems like an area that will continue to improve, you may have a solid investment on your hands.
In today’s society, credit is king. Your credit score will play a vital role in you purchasing a home or not and can help guarantee you a loan with a great interest rate.
If you have less than ideal credit, there is no guarantee you’ll even qualify for a loan and if you do you’ll be burdened with a high interest rate. There is time to prepare though! You may now just be considering buying a home so now is the time to start planning. Be sure to address all debts placed against you and your credit and begin to build a positive credit history now! This will help you greatly in the long run and can be the deciding factor if your dream home becomes a reality home!
Shop Around for Mortgages
In any situation, it’s great to know what all of your options are. This definitely applies to your home’s mortgage and shopping around lenders. Pick up the phone and start dialing! Contact as many lenders as you can to see which one is willing to offer you the best deal on your mortgage. Knowing all your options can save you thousands of dollars a year in the long run. Central Metro Realty works with several lenders, if you need help getting quotes or connecting with one please give us a call!
Have your Home Inspected
It’s important to know the value of your investment and the longevity of it. Before buying a home, be sure to hire a quality inspector to provide a thorough survey of your desired property. Yes, this is an out of pocket cost which can seem daunting, however, you’ll be glad it was done in the long run. Inspections can tell you a lot about the foundation of your home, find things like water damage, problems with your roof and many other deal crippling errors to your targeted home. A proper inspection can give you leverage and have the current owners paying for repairs instead of yourself after you’ve moved in!
Keep these 4 tips in mind if you’re considering buying a home for the first time! Need help finding that perfect home? Connect with a Central Metro Realty REALTOR® and find your new home! Give us a call at 512.921.7537.