Whether it’s your first time or your third time buying a home, the process can be daunting. It can bring on many emotions and/or questions. But, when it is your first time buying a home, it’s important to feel as prepared as possible.
Your REALTOR® is a great resource when it comes to getting your questions answered, and, if they’re good at communicating, they should make you feel like you can ask them anything. So just what are some of the most common questions every first-time home buyer has before they start their home search?
Is it the right time for me to buy?
The answer to this question depends on a number of things. Whether or not you’re financially ready should be the first thing you figure out. Once you’ve determined this, understanding what is happening in the market in which you plan to purchase is important, too.
How do I pick a good REALTOR®?
There are literally hundreds of thousands of licensed real estate agents in the state of Florida. However, only 155,000+ are actual REALTOR® (following a national Code of Ethics), and only a small percentage of active REALTORS® are engaged in our profession on a full-time basis. So what does that all mean? We all probably know someone that has a real estate license, but does that make them the right person to help you? Working with a REALTOR® who is active and experienced is key. Our advice? Don’t risk your most important financial decision to just anyone you know with a license—ensure you are working with a seasoned real estate expert.
How much home can I afford and what will my payment be?
Numbers are a big consideration when buying a home. Knowing how much you can afford is something every first time homebuyer wonders, and should be one of the first considerations you make when you’re ready to start searching.
Where do I even begin?
While the first place you should really begin is with your REALTOR® (see question number two), many homebuyers turn to real estate websites that aren’t up to par, although they don’t know that when they're first exploring. Making sure you start on a trusted real estate website (like ours... we know, shameless plug) will save you time (and we all know time is money) and help you find only the most up-to-date listings in your area.
How much cash do I need?
Despite what many people will tell you, no matter the type of home loan you go with, you’ll need some money on hand when buying a home. Your down payment and closing costs make up the majority of things you’ll need money for, not including any inspections you may have done as well.
While this may seem like a lot of questions to sort through before buying a home, it's not all that we've come up with. Stay tuned for part two in our series, 9 questions every first-time home buyer has.