Purchasing a new home can simultaneously be one of the most exciting and equally stressful purchases of your life. On one hand, you’re making a purchase that will help you build equity and start on your path to financial independence but on the other hand, it’s arguably one of the largest purchases that you are ever going to make. This is true whether it’s your first home or your third. For many first time buyers, all of the emotions that come with buying a home can be overwhelming so it’s important that you do your prep work before house hunting so that your Gavish Real Estate agent can help make your home buying process as quick and stress-free as possible. Here are our top recommendations for what to do before house hunting!
Since most homebuyers are not out there buying their first home in cash, many will need to be qualified for a home mortgage loan. As with every other kind of loan, your personal credit score will come into play in helping the lender determine your interest rates. The first thing that you should do when planning to buy a home is to know your credit score so that you can get a pre-qualification letter from the bank or lender.
This will help you prevent any heartbreak that might occur if you find the house of your dreams only to find out that you do not qualify for a home loan.
Once you know your credit score and you are certain that you can get pre-approved for a mortgage loan it’s time to make a budget so that you have an understanding of how much you are comfortable spending each month on your mortgage payment.
Create a budget that details how much money you spend each month so that you know how much is left over and how much can be allocated to your mortgage, utilities, and other expenses associated with owning your home.
Once you have a budget, you can go to the bank and get qualified for a mortgage loan. You may find that you qualify for a higher loan than you thought. That’s why it’s important to have your budget in hand so that you do not get carried away and take on a loan that would require you to have a higher monthly payment than you can comfortably make.
Once you know how much home you can afford, it’s time to make a list of what you need and want in a home. It can be really easy to let your emotions get carried away when you start looking at homes and having a list that details what you can and can’t live without in a home will make the decision making the process easier. Your list of needs and want can include everything from the location of the property down to the lighting fixtures. Just make sure you know what is and isn’t a deal-breaker beforehand.
Finally, it’s time to go out and find a highly qualified real estate agent who will not only help you find the home of your dreams but who will also fight for you at the negotiating table when it comes time to close the deal. The real estate agents at Gavish Real Estate are experienced and have a deep understanding of the Las Vegas housing market and will work diligently to help you find the perfect home.