Top 6 Tips for First Time Home Buying
Most people look forward to home buying, and you can be sure that buying your first home will be your most exciting purchase. Owning a place to live may be something you’ve been longing for since your teenage years, or maybe after renting for quite a long time, you’ve finally acquired the financial means to purchase a piece of Prescott real estate. It’s true that buying your first home is super exciting. However, it’s a substantial investment. And if you’re a first-time home buyer and want to make a good investment, you need some expert tips.
In this piece, we explore five essential tips for every first-time home buyer:
1.Confirm Your Credit
You get a lower interest rate on your mortgage when you have an excellent credit score. You should check your credit ahead of your home search endeavor to have ample time to correct errors and boost your score.
There are a few methods you can apply to improve your score.
Pay down credit card debt:
Your credit score will rise when you lower your rate of credit utilization.
Increase credit card limit:
If it’s something you have in mind, reach out to your credit card company, and they’ll help you increase your credit limit. With a higher credit limit, you’ll reduce your credit utilization rate. But note that before requesting a credit increase, you should ask the company if they’ll initiate a hard inquiry. A hard inquiry would lower your score, and that’s the last thing you want when trying to boost your credit score.
Dispute errors:
If you identify any mistakes on your credit report, move with pace to resolve them through a relevant credit bureau dispute process – it can be done in less than 30 days.
2. Your Home Buying Location Matters
Location is a ubiquitous phrase in the real estate space, and everyone always has it in mind while exploring real estate as an investment. You may be aware of the luxurious Prescott neighborhoods, but there’s a lot more you need to consider. Think about the most suitable location for you. What does that mean? You should examine your budget to determine the kind of property you can afford, consider the distance to and from your workplace, and check if there are schools and day-cares around if you plan on having a family. It’s also advisable to seek help, so discuss the location factor with your realtor, as they may have information about factors that may influence the future value of real estate in your desired area.
3.Own Your Home Buying Search
While seeking help along the journey is fine, no one knows your needs more than you do, so you must be fully involved in the process. Go through online listings to check some of the styles you fancy. Inform your realtor if you have some non-negotiable, like a home office space or a vegetable garden within the compound. It helps you save time you’d have spent viewing homes that don’t suit your purpose.
4.Perform Thorough Research
Purchasing your first home is much more than just picking a place with an attractive design or a good kitchen. You must understand your current financial situation, property taxes, mortgage structure, costs of hiring a lawyer, and more. The good thing is that you can find information about these subjects online by visiting the Canada Mortgage and Housing Corporation (CMHC) and the Canadian Real Estate Association (CREA). Ensure your research is centered on local markets, as trends may differ depending on the location.
5.Don’t Let Emotion Interfere With Your Search
Chances are you’ll feel emotions while purchasing a home for your first time, and that’s okay. But, be aware not to let your emotions lead you to make the wrong decisions. Avoid so much attachment to a house that you would pay any amount for the property. The real estate market in Prescott is active, and you’ll always find a better listing.
6.Consult a Home Buying Professional
As much as you’re well-read and have all the information you need, you have more to gain by working with a professional. At Buyerside Realty, we have helped many first-time home buyers make their initial purchase – an important one in their life. We’ll also help you make that critical decision, so contact us today.
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