The Ultimate First-Time Homebuyer’s Guide

Buying a home for the first time is both exciting. Here are some of the details to keep track of from start to finish to ensure everything goes well. The following tips for first-time homebuyers will give you the edge in finding the right property for you and landing the best price.

Tips for First-Time Homebuyers

1. Research your Market. The first thing to do when you are thinking about buying a home is to look around for the house you would like to live in. Start exploring the area and find out what’s available. You will learn more about the local communities and neighborhoods. Decide what is the most important to you in a house. Think about whether you want a single-family home, condominium, low-maintenance apartment, or some other type of property.
2. Identify your Needs and Short-Term Goals. Once you’ve figured out the type of property you want, take some time to decide what your needs are. If you already have a family, what type of space do you need? Are you looking for a home to grow into, one that will serve your short-term needs? Next, figure out what your short-term and long-term goals are. Where do you see yourself in five years? Do you plan on moving, and if so, what will you do with your home? How much do you want to spend on your home purchase? These questions will help you get a clearer idea of what you should be aiming for when finding a house.
3. Begin to Search for the Right Property. Now that you know what you are looking for, you can begin to look for the right property. Once you commit to purchasing a property, you will have to start looking for a real estate agent or selling agent. If you are looking for a property to rent out or leaseback, you may want to work with a company that focuses on finding rental properties or lease-purchase properties. They can help you find the right property quickly.
4. Understand Your Finances. The first-time home buyer’s dream is to buy a home that they can afford and that suits their needs. It may be possible to find a great property, but your dream may turn into a nightmare if you don’t have the cash to make the purchase. Do plenty of research so you know what you can afford. If you are buying a home with a partner, make sure you both understand your financial commitment.
5. Get Pre-Approved. Talk to a lender and get pre-approved before you start looking for a home. This will help to ensure you can actually make the purchase. You will also have the pre-approval letter to show the seller. If the seller accepts your offer and there are other offers coming in, the seller will be more likely to accept yours if you have the pre-approval letter.
6. Aim for a Good Deal. Remember, you are looking for the perfect home at a good price. There are several factors that affect property value, including the condition of the house, the location, and the view from within. If you are a first-time homebuyer, you will likely want to consult a professional when it comes time to appraise your home and set a price. The knowledge that the seller has of the market and the trends will ensure that you get the most value out of the deal.

Your Mortgage Experts in Oak Lawn and Beyond!

Buying your first home is an exciting time in your life. By following these steps, you can make sure that the process goes smoothly and you get what you want out of the experience. You can also protect yourself from unnecessary pitfalls that might end up costing you a lot of time, money, and unnecessary stress.

Buying a home in Oak Lawn has never been this easy. MidAmerica Bancorp, Inc. is here to help you get the best deal for your dream home. If you’re buying a house for the first time, give us a call, and we’ll help guide you in finding the best mortgage to suit your needs.We are licensed in Illinois, Indiana, Florida, Michigan and Wisconsin–Contact us today!