4 Tips for New Homeowners Searching for Dream Homes

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Finding the ideal home isn't an easy task as there is no one-size-fits-all home for everyone and every homeowner has different needs. Here are some tips that can help you find the ideal home.

#1 Define Your Priorities

Start by defining your priorities. Once you know what you're looking for, the process will be much easier. For example, you can think of aspects that are critical to you, such as good schools and parks, and search for homes near top-rated amenities and facilities.  

Another example is if you are a family with young children, you may be willing to compromise on a smaller backyard in order to get a larger living area. On the other hand, if you are single and prefer outdoor space, you may decide to have a smaller living area in order to have a bigger backyard.

#2 Know Your Budget

It's essential to know your budget before a big purchase to make the right decision. Here are some tips that can help you decide your budget for your dream home:

● Determine your current financial situation, including your total living expenses and accumulated debt.

● Research the down payment required for your ideal home. Remember, the more you save, the more favorable the borrowing terms will be.

● Examine your total monthly income and total monthly expenses to understand your mortgage budget.

● Consider additional costs such as homeowner's insurance, fees, moving expenses, taxes, and potential repairs. All of these costs can add up quickly.

● If your financial situation is likely to change in the near future, consider the additional costs involved. Examples of such costs are kids starting college, a new car, or a new member of your household. 

#3 Find A Top Realtor

After defining your priorities and your budget, work with a top realtor like The Shawn Lepp Group to find your ideal home. Here is what to look for in a real estate agent: 

● They are licensed and highly qualified.

● They have knowledge and expertise in the area you are looking at.

● They have good negotiating skills and can get the best price for you.

● Their references say they are trustworthy, skilled, and reputable.

● They are compassionate, understand your needs, and can provide the best services to meet them.

#4 Get Organized 

Being proactive and organized will help make the process smoother. It may also help you get your ideal home before anyone else in a competitive environment. Get prequalified for a mortgage to have a realistic understanding of your price range and show sellers that you're serious about buying a home. Please also have your credit report handy to help with background checks. 

In addition to your mortgage preapproval and credit report, you may need to have documents such as your tax returns and bank statements when you place an offer on a property. Speaking with a financial advisor can also be helpful. 

Consider setting up a filing system for all of your paperwork. You can even create an online folder that stores all of your documents in one centralized location. Just remember to secure it with a strong password! 

Finally, be prepared to move quickly after finding your ideal home in a competitive market. Have the home inspection done and get the ball rolling.