4 Ways To Set Yourself Up For Success With The Homebuying Process

Most of us can agree that at one point or another, we’ve gone through an experience where we wish we had been armed with more information before making an important purchase or decision. Purchasing a home is one of the larger financial commitments that a person makes during his or her lifetime, and having the proper guidance and insight can be the difference between a smooth, fulfilling process and a stressful, regretful one. Here are some ways to ensure that yours is the former

1.) Take The First Step

If this is your first time as a homebuyer,  you are going to want to start by meeting with a reliable Real Estate professional. This usually means either sitting down with a Realtor or a Mortgage Loan Officer. Step one for a lot of us as homebuyers, especially in this technology age, tends to be scrolling through Zillow and Redfin for that dream home. Although this can very much be a part of the process, it’ll be helpful to sit down with a professional first to discuss your goals and talk through different strategies. How much money do you have saved up? When did you last check your credit score? What type of home are you looking to purchase? Before you go out to start looking at homes, or start scrolling with a purpose, you want to know what exactly your end goal is, and the routes you can take to get there

2.) Know Yourself

Each of us generally has a tendency to fall into one of two traps: analysis paralysis, or jumping the gun. Look back at your past actions and think about whether you’ve been the type to overthink and overanalyze your decisions. When you fall fate to analysis paralysis, you gather more information than you know what to do with and avoid executing out of fear of failure or making mistakes. If this tends to be you then you may want to consider taking action before you feel fully ready, and know that you are actually probably ready to start making moves a lot earlier than you think. On the other hand, as important as it is to execute, it’s just as important to remain patient. If you’re the type to jump the gun too quickly, then maybe you need to hold yourself back and spend more time than you usually would planning and evaluating before making the jump

3.) Prepare For Closing Costs

I cannot stress this enough. Especially for the first time homebuyer, it is easy to underestimate how much the costs are outside of the down payment for your home purchase. And even if one is aware that there are other costs, sometimes they are interpreted as being hidden, or there might be a lack of understanding around why the numbers are the way they are. In Philadelphia for instance, with transfer taxes at 4.278%, this can be hefty along with insurance, title fees, loan origination fees and so on. Your Realtor or a mortgage lender can give you a rough estimate as to how much you can expect to pay outside of the down payment. It helps to know what the full costs will be early on so that you can come up with a gameplan

4.) Trust The Process

Every home purchase is different. Even if you have bought a home in the past, there are many possible scenarios you can be presented with, depending on your circumstance, the market conditions and the city you’re buying in. Dealing with a home that is newly renovated is different than one that is a fixer upper. Settling on a property with updates is different than one that is a straight turnkey. Determining repairs, negotiating purchase price, learning of the legal standing of the home… It can feel like a lot of moving parts, but it’s what makes it all the more fulfilling once you achieve your desired outcome and receive your new keys

As pivotal as it is to have your finances straight when starting down the road of the home search, your mindset is also very important. Realize that the home buying process doesn’t begin when you start going out and looking at homes. The homebuying process starts when the thought comes into your mind that you’d like to purchase a home and you decide to take the first step towards determining what you need to make it happen

2 thoughts on “4 Ways To Set Yourself Up For Success With The Homebuying Process

    1. Major headaches indeed bro. The closings costs aren’t mentioned nearly enough when discussing the homebuying process, and it’s important that it is because they can be a lot. However once one knows how much it’ll ultimately cost to purchase the home, it makes saving and budgeting for it more accurate, and helps with determining how much in the way of grant money or loan assistance you may need


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