First-Time Homebuyer Tips

Homebuyer Tips

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BUYING YOUR FIRST HOME


Buying your first home can seem like a daunting process. From mortgage rates to taxes to closing costs, there’s certainly a lot to consider. And because your new home will likely be the biggest investment of your life, it’s crucial that you educate yourself about the process before you get started. The more you know about the home buying process, the more likely you’ll be to get the home of your dreams at a price you can afford. That’s why we’ve put together these tips for helping you achieve your goal of homeownership.


1) PRE-APPROVAL

Meet with a lender to find out how much you can afford to pay for a home. Private Label Realty is dedicated to providing the best possible experience when buying a home, and that is why we recommend using AmeriPro Home Loans for financing. They will help you get preapproved, so you’re ready and prepared to make an offer on a home.


2) LOOK AT TOTAL MONTHLY COSTS

Mortgage payments are only part of the equation. Before you buy, you’ll want to figure out what your total monthly housing cost will be, including homeowner’s insurance and property taxes. The lender will provide an estimate for your monthly mortgage, but to get an idea of insurance costs, pick a property, then call a local insurance agent and ask for an estimate.


3) LIST OF NEEDS AND WANTS

Make 2 lists. The first should include items you must have (i.e., the number of bedrooms you need for the size of your family, a one-story house, etc.). The second list is your wish list, things you would like to have (pool, study, etc.) but are not necessary. Realistically for first-time buyers, you probably will not get everything on your wish list, but it will keep you on track for your must have list.


4) HIRE A REALTOR - (I know a good one!)

Consider hiring a Realtor®, one who is working for you, the buyer, not the seller.


5) KNOW THE TYPE OF PROPERTY YOU WANT

When purchasing a residential property, you’ll have several options to consider. These include traditional single-family homes, condos, townhouses, and more. Each type of property has its benefits and drawbacks, so before you move forward in the home buying process, make sure you pin down which property type will best suit your needs.


6) KNOW THE AREA YOU WANT

Just like properties have their pros and cons, so do neighborhoods. Before you start checking out homes, decide where you want to live and focus your efforts on that area.


7) DO YOUR RESEARCH

Your Realtor can provide the selling prices of comparable properties in that specific area, and having this information will help you get an idea of what you should expect to pay for the home.


8) FIGURE OUT CLOSING COSTS

It’s important not to overlook the upfront cost for your home. Closing costs include lender origination fees, taxes, title and settlement fees, as well as prepaid items like homeowner association fees, insurance and property taxes. Your lender or Realtor® can provide you with an Estimated Buyer’s Net Sheet.

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Monday9:00AM - 6:00PM
Tuesday9:00AM - 6:00PM
Wednesday9:00AM - 6:00PM
Thursday9:00AM - 6:00PM
Friday9:00AM - 6:00PM
Saturday10:00AM - 7:00PM
Sunday11:00AM - 7:00PM

Dani Whitacre, Realtor®

8300 N. MoPac Exp., Suite 110,

Austin, TX 78759

Phone. (512) 689-7495

Email. Dani@DaniWhitacre.com

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