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Tips For Home Buying

2/21/2024

Are you planning on or considering purchasing a new home? Whether you're a first-time home buyer or a longtime homeowner, the process of buying a home can be both thrilling and exhausting. From budgeting to finding the perfect neighborhood to finding a realtor, there are numerous factors to consider during the home-buying experience. To help you navigate your decision with confidence, here are a few tips for your home-buying process.

Establish Your Budget

Before you begin searching listings, it's critical to determine how much you can afford to spend on a new home. Consider factors such as your income, existing debts, and future expenses. Use online mortgage calculators to estimate monthly payments and ensure that your budget aligns with your financial goals.

Get a Mortgage Pre-Approval Letter

A mortgage pre-approval letter will not only give you an idea of what your purchasing limit is but will also show the sellers that you're a serious buyer. At SharePoint Credit Union, we offer members and future members mortgage solutions that will help you purchase your first home.

Define What You Are Looking For

Make a list of your non-negotiables, such as the number of bedrooms, location, school district, and amenities. While it's essential to remain flexible, having a clear idea will help your search and maintain focus on properties that meet your demands.

Research Neighborhoods

When searching for your future home, you should explore different neighborhoods to find the one that best fits your lifestyle and preferences. Consider factors such as safety, proximity to schools and workplaces, local amenities, and future development plans. Talking to residents and visiting the area at different times of the day can provide valuable insight into the community.

Hire a Reliable Real Estate Agent

Working with an experienced and reliable real estate agent will make your home-buying process significantly smoother and less stressful. Look for an agent who has in-depth knowledge of the local market, excellent negotiation skills, and a track record of satisfied clients.

Conduct a Thorough Inspections

Once you've found a property that you're interested in, schedule a professional home inspection to identify any underlying issues or structural problems. During your inspection, the home inspector will be looking at things like:

  • Appliances
  • Pests
  • Heating and cooling system operations 
  • Inoperable switches and light fixtures
  • Rusty pipes
  • Water damage
  • Holes or cracks in the home

A comprehensive inspection report will give you peace of mind and help you make an informed decision about whether to proceed with the purchase.

Negotiate Wisely

Don't be afraid to negotiate with sellers to secure the best possible deal. Your real estate agent will help you craft a competitive offer based on market trends, comparable sales, and property conditions. Be prepared to negotiate, but also know when to walk away if the terms aren't favorable.

Stay Organized and Patient

Buying a home is a huge decision that requires careful planning and a lot of patience. Keep track of important documents, deadlines, and communications throughout the process. Remember that finding the perfect home may take time, so be patient and trust the process

Contact SharePoint Credit Union

Whether you are looking to purchase your first home, upgrade to your dream home, downsize, or simply refinance, SharePoint Credit Union has you covered! Our resident mortgage experts are here to guide you through the entire process with helpful information, choices, and solutions to meet your goals within your budget. Contact us today!



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