6 Things to Know Before You Buy Your First Home

August 31st, 2020 by Napier ERA

Buy First Home Buying a new home can be exciting, complicated, and overwhelming all at the same time. After all, it's also commonly considered one of the largest financial decisions many people will make in a lifetime. With so much on the line, it can be easy to make mistakes, especially if you're buying your first home. Being prepared is the best way to avoid costly pitfalls. If you're considering these Richmond homes for sale, below are six things to know before you buy.

Always Use a REALTOR®
Working with a REALTOR® is the best way to avoid costly mistakes. Not only are they trained negotiators, real estate agents can guide you through the entire home-buying process from start to finish. They can help you narrow down your choices, save you a lot of time, and provide information about a particular neighborhood.
Always Put Down 20%...Unless You Can't Afford It
You should make every effort to make a 20% down payment. Otherwise, you might be stuck paying private mortgage insurance (PMI). This covers the lender in the event you default on your mortgage, and it can cost you thousands in unnecessary expenses. However, if making a 20% down payment leaves you with little to no savings, you may be better off paying PMI in the short term, as owning a home can come with many unexpected costs.
You Should Get Prequalified Before Looking at Homes
If you've decided you're ready to purchase your first home, it might be tempting to start booking appointments and viewing houses. However, the best first step is to get prequalified for a mortgage. This not only helps you understand what you can afford, but it signals to potential buyers that you are seriously in the market. The last thing you want to do is miss out on the home of your dreams because you're not prequalified.
Home Inspections Often Uncover Issues
It's not uncommon for a home inspector to discover a wide range of issues before the closing, so it's important to be prepared and temper your expectations. Keep in mind the negotiation process can continue after the home inspection, so you can use the results to your advantage to have the seller fix an issue or reduce the cost of the home.
The Closing Process Can Take Awhile
Many first-time homebuyers are surprised by how long it takes to actually close on a home. Unlike other major purchases, the process is lengthy and can take anywhere from 30-60 days on average to close after a seller accepts your offer.
Don't Forget About the Closing Costs
In addition to your down payment, you also need to account for closing costs, which are fees that cover inspections, title services, taxes, appraisals, and many other expenses involved with the transaction. Closing costs can range anywhere from 2-7% of your sale price, and they must be paid upfront.

If you're in the market for your first home, our real estate agents can help guide you along the way. Contact us today!

Categories: Buy a House

Tags: Richmond VA, First-time Buyers, Millennial Buyers

Related Markets: Richmond

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14361 Sommerville Court, Suite 200
Midlothian, VA 23113

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6 Things to Know Before You Buy Your First Home

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