Leaping into homeownership is always a big decision, whether you've been saving up for years
or you're looking to take advantage of a first-time homebuyer program. The process is complicated, and it can become overwhelming if you're not prepared.
Let's take a look at some first-time homebuyer tips and common pitfalls you'll want to avoid so you'll be well informed before your purchase.
Amanda Bacolas's 10 Tips for Buying A Home
Prepare Your Finances
Determine Your Budget Early
Don't Buy Solely Based on the Market
Explore Your Mortgage Options
Compare Several Loan Offers
Make a 'Must Have' Home Feature List
Hire Amanda Bacolas
Don't Skip the Inspection
Plan Your Offer Carefully
Negotiate Thoroughly
Amanda Bacolas's Most Frequently Asked Questions (FAQs)
When is it too late to back out of buying a house? You can back out of purchasing a house at any time before the actual closing but doing so may cause you to forfeit any earnest money you've deposited. This will depend on your individual contract and the time period in which you choose to back out. How do I save money for buying a house? Your first step to understanding how to save money for a house is figuring out your cash flow. This is where your money goes each month, and it gives you an idea of how you spend money and where you can save. You'll then want to start pricing homes to determine how much you'll have to save for your down payment and your closing costs, then set a monthly savings goal and a timeline. Work on tracking your progress. You may want to explore high-yield savings accounts to grow your money faster. Be diligent in cutting out any unnecessary expenses. How long does it take to buy a house? This will depend on your personal situation and the market itself. You may find yourself missing out on properties due to multiple-offer scenarios if you don't act fast when competition is high. When the market changes, you may instead be able to move along at a more leisurely pace. The time it will take to purchase a home will also depend on what type of loan you're using. The average time it took for a VA loan to close in November 2021 was 56 days. This contrasts with the 48-day average for those purchasing a property with a conventional mortgage.
Let Amanda Bacolas help you find the home of your dreams today!
