Monday, August 29, 2016

Three Tips for First-Time Home Buyers


Buying your first home is a very big and exciting milestone in your life. But with all the excitement of becoming a homeowner, it’s easy for your emotions to get the best of you. Consider the following tips to ensure you're making the right decisions when buying a home. 

Get Pre-Approved

Many first-time home buyers make the mistake of not getting pre-approved for a home loan before beginning their search. This can be problematic, as you might fall in love with a home that turns out to be out of your budget. Keep in mind that being pre-qualified is not the same as being pre-approved. When you are pre-approved, you know how much the lender will lend you, and you can shop around to get the best interest rate and deal.

Consider All the Expenses

There are a lot of expenses that come with homeownership that you may not have thought of. Before buying a home, you need to consider all of these expenses. Along with the down payment and monthly mortgage payment, you need to add the cost of insurance, taxes, utilities, maintenance, repairs, commuting, and any other hidden costs. This will provide you with the true price of the home and help you determine whether you can afford it. 

Get a Realtor 

Nowadays, home buyers can search home listings online, which makes it easier for them to shop for houses without a realtor. However, buying a home without a real estate agent is not a smart move. There's a lot that goes into buying a house, and an experienced realtor has the necessary expertise and resources to find you the perfect home. Working with a realtor will save you time and stress and ensure you don’t make a mistake that could cost you. 
Put your home search in the hands of realtor from Coastal Realty Services. Coastal Realty Services reviews your needs, requirements, and preferences to connect you to your perfect home. 


Thursday, December 17, 2015

4 Must-Do's before You Start House Hunting




Congratulations! Chances are if you are reading this post you are thinking about buying a new home. Buying a house is a major milestone in your life, as well as a big investment. So, before you start your search for the perfect home, Coastal Realty Services recommends completing the following steps first.

1.       Make a checklist. Before you begin house hunting, you should make a checklist of all the factors and features you need and prefer from your new home. Start with things you absolutely must have, such as a certain room size, location, and number of bedrooms and bathrooms. Then list things you'd like to have, but could possibly do without, such as a wrap-around porch or dual oven. When making your checklist you should also think about things you don’t want from a home.  Knowing what you want and don't want can make the search easier on you and your realtor.

2.       Strengthen your credit score. Having a strong credit score improves your chances of getting approved for a mortgage loan. Generally speaking, you'll need a minimum credit score of 620 in order to get approved. To find out what your credit score is, request a free copy of your credit report from all three major reporting agencies— Experian, Equifax and TransUnion— at least six month before beginning your home search. This will give you the most accurate depiction of what your credit score is. If your score is on the lower end, click here for ways you can improve it. Boosting your credit score is also important because the higher your credit score is, the lower your monthly payments will be.  

3.       Set a realistic budget. Create a budget of what you can afford to spend on the house and do not exceed it. When setting your budget, be sure to account for your monthly debts, as well as save room for building up your savings. You'll need to set aside 10% of the buying price for a deposit and an additional 5% for closing costs.

4.       Get pre-approved for a loan. It's a smart idea to get pre-approved for a mortgage loan before beginning your home search. This will help prevent you from home falling in love with a home you can't get approved for, as well as put you at an advantage should there be several interested buyers. The seller will be more inclined to sell to a buyer who has been pre-approved versus a person who has not started the process.  

These are some key steps that should be completed for beginning a home search. What else should you do before you start house hunting?