Ready to Take the Plunge from Tenant to Home Owner? Here’s How You Can Best Prepare

Ready to Take the Plunge from Tenant to Home Owner? Here's How You Can Best PrepareThe purchase of a new home can be exciting – especially if you are a first time home buyer. No more paying rent towards someone else’s mortgage. And, you will be opening up a myriad of design and decorating options that won’t first need somebody’s approval.

But, even with all of its advantages, buying your first home can be somewhat scary. There are numerous steps that you’ll need to go through in order to get the deal done, and to make sure that your home will be affordable for you. The good news is that, the more prepared you are for the home buying process, the less overwhelming it will be.

The first step in the home purchasing process is to determine how much you can spend. This can be done through getting a pre-approval with a lender. When you know the amount of house you can afford, it can help you to narrow down the For Sale listing in your price range.

In getting pre-approved, you will need to gather a long list of your financial information, including pay stubs, recent W-2’s, checking and savings details, and figures on any other funds that you may have. You will also need to provide the lender with the amount of your monthly outgo, such as auto payments and / or other loans.

Once you know your specific price parameters, you can view listings that fall into that range, and that also fit your other criteria, such as size, style, and location. When the time comes to make an offer, you will need to provide the seller with earnest money. (These funds can ultimately go towards your down payment. And, if the deal falls through, you can get your earnest money back).

For most people, a home will be the largest purchase they make in their lifetime. So, it’s important to ensure that you’re working with a professional real estate company that will walk you through all of the pertinent steps.

When you’re ready to move forward with your new home, Call Us. We’ll work with you throughout the entire process, from determining the size, style, and location of your dream home to giving you the keys to your new front door.

By | 2017-08-22T14:11:52+00:00 August 22nd, 2017|Home Buying|

About the Author:

I grew up in the Bowie-Crofton area with my 3 other siblings. As the middle child, I have a natural talent for negotiating! I moved to the Annapolis area for several years after I graduated college, and I currently reside in Arnold with my wife, son, and daughter.