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April
11
11
The Key To Successfully Buying Your First Home
Buying your first home is a major milestone, but in today's market, it can often feel like the cards are stacked against you. Rising interest rates, high prices, and low inventory can make purchasing your first home a challenge. But if you're planning to hit the real estate market this year, don't be discouraged. According to our real estate agents, patience and preparation are the keys to successfully buying your first home in 2022. Here are some tips we often share with our clients:
- Plan For Your Upfront Costs
Closing on a home requires a not insignificant amount of cash, and it's more than just a down payment. The down payment alone can range from 3.5% to 20%, with the latter eliminating the need for Private Mortgage Insurance (PMI). However, you'll also need to budget for closing costs, which include numerous loan origination fees, title fees, title insurance, and much more. These costs can range anywhere from 4% to 9% of the sale price.
You may also need to put up cash for prepaid expenses due at closing, which can include several months of home insurance premium and property taxes. The best way to get a sense of how much cash you'll need on hand is to work closely with your lender or mortgage broker to obtain a review of all required costs after you are pre-approved. - Choose Your Location
Choosing a location is a difficult decision, but it's also one of the most important. Location has a tremendous impact on the sale price and resale value. Property taxes and the quality of the school district are also important considerations...not to mention proximity to work, family, and amenities. We always recommend creating a list of locations you'd consider prior to beginning your home search. If you're looking for a great place to add to your list, we could recommend a number of Brooklyn homes for sale. - Don't Forget Your Home Inspection Contingency
The home inspection contingency is very important for first-time buyers. It gives you the right to walk away from the deal or renegotiate based on the results of the home inspection. You can't realistically notice every issue during a quick house tour, so the inspection gives you the chance to take an in-depth look with a professional inspector. Make sure to include this important contingency in your offer. - Be Clear On Your Non-Negotiables
In a competitive market, you don't want to waste your time looking at homes that don't meet your criteria. As a result, we recommend creating a list of your non-negotiable criteria prior to your home search. Consider the minimum number of bedrooms and bathrooms your family needs. Is a home office or a finished basement a must-have? Once you're clear on your non-negotiables, your agent can automatically filter out results that don't meet your criteria, so you don't run the risk of wasting your time. - Choose A Good Real Estate Agent
First-time homebuyers have a lot to learn about the real estate market, so working with a good agent is key. Your agent should take the time to educate you about all the complexities of home shopping and the closing process. A good agent can help prevent you from making big mistakes and can stand by your side when it comes time to negotiate. If you're looking to land one of these beautiful Queens homes for sale, you'll want to make sure to have a good agent in your corner.
First-time home buying can be intimidating, but by following these tips, you'll be well on your way to closing on a property in no time. If you're looking to start shopping for your new home, contact us today.