6 Essential Steps to Buying the Perfect Home
The process of searching for a home and then buying it is unlike any other purchase you’ll ever make. And for first-time homebuyers, navigating the world of real estate can be confusing. From deciding which features you need in your new home to figuring out how much money you should put down, it’s normal for first-time homebuyers to have a long list of questions. Along with reviewing your budget and options with an experienced real estate agent from Luxury AZ Living Real Estate Group, this guide will help you stay within your budget and find a home that suits all of your needs.
Write Down Your Needs
Whether you’re buying or building, you should have a list of features you will need in your new home, as well as a couple of amenities you’d like to have if possible. First, think about how many bedrooms and bathrooms you’ll need. Then, consider other amenities that would be nice to have, like a backyard, a deck, or a fireplace.
Figure Out Your Budget
How much can you afford to put towards your down payment? You should aim to put down 20% of the home price. This will help you avoid paying private mortgage insurance fees in the future, which will increase your monthly payments. Interest.com recommends limiting monthly housing costs to 28 percent of your income or less. You should also take the opportunity to find a lender and get pre-approved for a mortgage.
Explore Different Neighborhoods
The location of your future home will have a huge impact on your quality of life. It is also one of the most important factors in determining property value. Take the time to explore a few different neighborhoods, and think about where you could see yourself spending the next five to 10 years. If you have children, you will also want to research the local schools to ensure that your kids will be getting a quality education in your new neighborhood.
Before you begin thoroughly exploring neighborhoods, it’s a good idea to get a feel for the market. Fortunately, there are many ways you can accomplish this task online before ever setting foot outside the door. For example, houses in Phoenix sold for a median price of $335,000 during the past 30 days. Armed with this knowledge, you can begin to narrow your focus.
Attend Open Houses
Once you’ve connected with Luxury AZ Living Real Estate Group, it’s time to start attending open houses. Use open houses as an opportunity to ask questions and narrow down your options. Ask the seller’s agent if the seller has received several offers on their home already, and whether or not the price has fluctuated. This information could help you negotiate wisely if you decide to make an offer.
Prepare for Inspection and Appraisal
Think you’ve found the right house? Don’t rush to close on it just yet. Before you start packing up to move in, you’ll need to go through with a home inspection and appraisal. The inspection will reveal whether or not the house needs any major or minor repairs. The appraisal will determine the property’s real value.
Time to Close
All of your hard work is finally done, and it’s time to close on your new home. Once you’ve filled out and signed all of the essential paperwork, you can celebrate! Closing on a home is a great accomplishment, and once you’ve determined your move-in date, you can start planning a housewarming party.
The journey to becoming a homeowner can be complicated. But when it’s finally time to move in, you’ll get to say goodbye to renting and enjoy all of the benefits of homeownership and building equity.
If you’re ready to find your Phoenix dream home, turn to Luxury AZ Living Real Estate Group. Call (602) 361-5867 or complete this form
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