The Best Advice for First-Time Property Buyers
There is definitely a need to be cautious about everything that you do but real estate purchases just need another level of care and attention. If it’s your first time doing anything, we know the buzz and excitement that comes with the purchase.
But despite it all, you will have to follow some crucial steps that will help you avoid losing money and energy. There is also the possibility of financial and legal pitfalls. To avoid this, the team at Chris Price Realty has put together some tips for you.
1. Have an emergency fund
Our parents used to tell us that we have to own our problems and our life. This means that everything that happens to you is your responsibility. In real estate, this means you have become an owner. If you are considering owning a real estate property for the first time, you need to be ready and prepared.
You might get into a situation where you missed a particular repair in your new home. That means that you immediately start living on expenses after moving in. There is also the issue of closing costs to home purchase.
Extra funds saved will give you some peace of mind.
2. Find a property that is within your price range
The assumption is that you have a figure that you want to pay. This means that you are not ready to go above a particular price. The common mistake that you will see is that you will hear a lot of opinions and be tempted to follow them. The next thing that follows is that you buy something that you don’t want or something that you cannot afford. This sets you up for failure!
With your budget and unique needs, contact the experienced team at Chris Price Realty. Our team is ready to use its knowledge and experience in the market to locate a property within your range.
The goal is to investigate. This means you should be ready to do some groundwork and legwork. Knock on some doors and engage in conversations about how the place is and the neighborhood at large. The activity should help you see if they fit into your present priorities. Look into the neighborhood quality and location in your decision.
If you have a spouse or a family, analyze the quality of schools that are around. If you find other open houses for sale, pay a visit. You will learn more about the area.
4. Save physical copies of your paperwork
There is a lot that will be served when you are dealing with buying a real estate property. You may have documents of title deeds, mortgage agreements, tax payments, receipts on payments made on repairs, closing disclosure and loan payments and approvals. Make sure that you have all this in your email and cloud as well as all being closed in a fireproof cabinet in your home.
5. Get a pre-approval letter
As much as this can be overlooked it can be a great asset for you when you want to shop for a home. There are steps that you can take to make it faster for you to get your hands on this precious commodity from a lender.
- Ask questions. Lenders are different and that means they will have different qualifications in order for you to get a loan from them.
- Give the needed information. You need to experience rejection and acceptance before you jump to conclusions and come up with theories that don’t exist. Also, other factors like your credit track record can amp your luck when you thought that you couldn’t land the approval.
- Follow up with the lender from time to time so that you can know when you will land the approval.
Looking to invest in Austin real estate? There is no company better positioned than Chris Price Realty. We have the experience, expertise, and industry knowledge to offer a customized solution that meets your property investment needs.
Get in touch with us today.