From the real estate ads on the web to the open house signage sitting outside of that beautiful house you’ve been eying, first time home buyers are bombarded with information that can be overwhelming. Despite the wealth of information available, one of the least talked about topics is the emotions first time home buyers experience. J. Christopher Real Estate Group understands that buying a home can be an exciting time. However, it’s also important that home buyers keep their emotions in check in order to make a logical home purchase.
“Buying a home is usually the largest financial decision someone will ever make, yet many home buyers are unprepared for what’s involved and therefore aren’t well equipped to make a good purchasing decision. Besides the heartaches that can result, unprepared home buyers may end up spending more money than they initially thought,” says Jarrod Lewis, owner of J. Christopher Real Estate Group.
J. Christopher Real Estate Group has a team of dedicated professionals that can improve your home buying experience and is committed to ensuring home buyers are happy with their decision. In order to assist you, we’ve developed a checklist for you to keep in mind before you officially kick off your house hunting.
Know your maximum price point
We know a home buyers’ time is valuable and when realtors have a good idea of a buyers’ maximum price point, we can narrow down the search and move the process more quickly.
Leave your emotions at the door
Buying a house is a business decision, and one that will impact your day-to-day living. While the prospects of moving into a new home are exciting, it becomes problematic when it influences the decisions you make. Home buyers who ‘fall in love’ with a specific house can find themselves overlooking major problems.
Get a pre-approval letter
Arguably, one of the saddest things that can happen for new home buyers is being denied for a home mortgage. Since the housing bubble, banks have become more stringent in offering mortgages to people of all backgrounds. After a long and grueling process to find the right home, many home buyers are denied mortgages at the last stage. This can happen for a variety of reasons, such as not being at the same employer enough time; recently making a large purchase that bankers feel will get in the way of paying mortgages; or having large student loans that can interfere with your financial obligations.
Have an emergency fund for unexpected costs
Bankers make an effort to ensure you are not strapped for cash immediately after paying the down payment, realtor fees and other costs. This is a strategic decision because they have loaned you money and want to ensure payments are made on time. Because of this, banks want to make sure you have a sizable amount equal to a minimum of 6 months of mortgage payments stashed in the bank.
Practice budgeting for the real thing
A mortgage is a financial decision for the long haul. Many home buyers might not be accustomed to the financial obligation when they sign a 15 to 30-year mortgage. The transition is a little bit easier if you’ve been paying rent in the same amount every month for years. Additionally, it might be worthwhile to put away money that is equal to the amount you will be paying in preparation.
Think about your current living situation
New home buyers rarely give a second thought to their current landlords when purchasing a home. This often places landlords in financial peril because of a lack of communication. When you get a firm timeline for the mortgage process, we’d advise you to alert your landlord the next time rent is due that you have found your new home.
Find a good realtor
Real estate agents and home buyers develop special relationships during the home buying process. Although you may not realize it, realtors are learning your preferences on home styles that interest you, different color paints you like, and patterns you didn’t even realize you dislike. We will do whatever it takes to meet you at your convenience.
This is where we can help.
There are many moving parts to consider before deciding to buy a home. J. Christopher Real Estate Group wants to ensure clients are well informed before house hunting so they are adequately prepared throughout the process.
Speak with a J Christopher Real Estate agent today at 401-830-6906 to learn how we can help you make your home buying dream a reality.