Purchasing a home is often the single most important and biggest financial decision many people make in their lifetimes. Aside from choosing the right neighborhood for you and your family, here are six very important things to add to your home buying to do list before making a move:
1. Check your credit reports and scores. Your credit history determines what kinds of loans and rates you qualify for. It's a good idea to check your credit as early as possible in your home search. This will allow you to fix any errors or make any necessary disputes.
2. Get pre-approved for a mortgage. It is worth it to go through the formal process for this step. A pre-approval letter will save you time in the long run and will help you secure your dream home when you find it. This is especially important in the current market where things are moving fast.
3. Find a real estate agent that specializes in your area.
We're biased on this one but if you are looking in South Florida, look no further and contact us here
. If you're looking elsewhere, we can help you make the connection with one of the 17,000 Compass agents across the nation.
4. Know all the expenses associated with your purchase. Understand taxes and insurance costs in addition to your monthly mortgage payments. Also, make sure you understand any HOA you will be a part of.
5. Find a trustworthy home inspector. This will allow you to feel confident about your decision. Find an inspector that covers structural elements, HVAC, plumbing, electrical, hurricane safety and mold. It's also important to find someone who can provide you a report that's easy to understand.
6. Budget and plan for transitional costs. This includes items such as the cost of movers, a moving truck and getting out of a rental. For example, if you purchase a home two months before your apartment lease is up, you will need to plan accordingly.
Have questions on any of the above? Please don't hesitate to reach out to us. We are here to help guide you home!