Buying your first home can be intimidating. There are many details and steps to keep track of. You also want to buy a home suits your needs, and fits your budget. Fortunately, realtor.com recently compiled a list of five peices of advice for first time home buyers.
- Figure out what you can afford
Homes aren’t cheap! You will need to calculate what you can afford, mortgage included. Experts recommend that a house payment should not exceed 28% of your gross monthly income. Heading to a lender for mortgage pre-approval and information is the most helpful resource when figuring out what you can afford.
2. Pick the right real estate agent
Of course the person helping you with one of the most important purchases of your life should be someone you trust. If you’re buying your first home in Miami, our RE/MAX Paradise agents are the best of the best in the city. Contact one today!
3. Prepare to compromise
You may not find your perfect home immediately. A home with your perfect price, size AND location probably doesn’t exist- but something out there will come close to suiting your wishes and needs.
4. Get ready to add contingencies
Adding contingencies to your contract means that if something goes wrong, you can fix it or back out. A common contingency is having a professional home inspection.
“Another important first-timer addition: a financing contingency, which gives you the right to back out if the bank doesn’t approve your loan. A pre-approval makes this possibility much less likely, but a pre-approval is not a guarantee,” wrote realtor.com. Another you may consider is an appraisal contingency.
5. Be aware of tax credits.
Mortgage interest deduction can help with brand new mortgages. Your agent can help you find other tax credits as well.
At RE/MAX Paradise, we hope this advice for first time home buyers are helpful. Our agents are also excited to help first time home buyers in Miami. We offer many beautiful homes all over the city, so check them out today!