
Anyone who has purchased a home will tell you the process can be a series of ups and downs...making you feel like you're on a roller coaster. Our real estate agents know that falling in love with a house before you can fully commit, is a surefire way to start you off on a "down," so they've put together some suggestions to hopefully give you a more balanced experience.
- Look, But Don't Touch
Once you've decided you want to buy a home, it's only natural to check out the lastest listings in the Fairborn real estate area. Scrolling through homes, looking at photos of each room, daydreaming where your furniture would go...it can become addicting. So, until you're truly ready to buy a home, don't torture yourself and stick to peeping through the store window.
- Set a Realistic Timeline
There are many things to consider before you start touring open houses. One big factor is your current living situation. Are you selling a home? Renting? What if there's an overlap between moving out and moving in? Having a solid transition plan is important before committing to a new home.
- Have a Down Payment Secured
Making a bid on a home with no down payment is like proposing without an engagement ring. They might say yes, but then you're left standing with nothing to back up your offer. A decent down payment ranges between 10 and 20 percent--a lot of that depends on your credit. Know how much you should save, and then don't begin actively looking for a home until you reach that amount, or else you may resort to putting less down and then paying more over the course of your loan.
- Mortgage Pre-Approval
If the above issues are solved, getting a pre-approved mortgage makes it much safer to fall in love with a home. But this can be a long, frustrating process, so the sooner you begin, the better. Even if you have amazing credit, it can still take months to gather up all the paperwork, stabilize your bank accounts, and take care of any outstanding issues there might be. Finding out where you stand with a lender will give you clear parameters on how much you're able to bid. This way you don't commit your heart to a home only to discover it's out of your price range.
Find a Knowledgeable REALTOR®
If you have any questions about buying or selling a home, contact us at Wright-Patt Realty. Our real estate agents understand the ups and downs that go along with the home buying experience, and strive to make your experience both pleasant and successful.
