When it comes to buying your first home, it can be both exciting and, especially when homes come and go so smoothly. However, with the latest trends in the real estate field, you might dive head-on with an impulse buy. Our article features the top 7 tips on the market to help you make the best decision when it comes to buying a home.

Before you can get to the buying phase, there are a couple of things you need to know as well as consider. However, you’ll also want to keep in mind that buying your dream home in Pine Ridge Naples on an impulse decision as previously mentioned, can very well set you back financially. And we’re sure that you don’t want to hit retirement with such an enormous burden still lingering. So, read on as we dive in!

1. Create An Emergency Fund And Clear Yourself Of Debt
For any homeowner, it is much more expensive when you have your place compared to renting. And in most cases, monthly house payments are significantly less than paying monthly rent. When you have your property, you’re also in charge when it comes to taking care of the upkeep and maintenance, and boy do they pile up quickly! As such, be sure that you prepare correctly and pay off any debt as well as build up some emergency funds to last at least half of the year.

2. How Much Can You Afford?
Another critical aspect to consider is how much you can afford at the end of each month to pay for your home. So, don’t get too attached to the first property that you see just yet. You’ll need to determine your budget, and you’ll also need to have a plan in place for other expenses.

Before you get too overwhelmed at the thought of spending at least 25% on a home, you’ll also need to keep in mind that you’ll also have to pay insurance as well as property taxes. As such, you’ll need to think about all those things before you can come to a final decision about your monthly home expenditure. So, schedule a meeting with both your insurance as well as your real estate agent to determine how much they cost.

3. Start Saving For Your Down Payment
Saving to accommodate the total might be a bit too much, and it will cause some extra stress and pressure. So, it might be best to keep towards the down payment portion of your home. This will also create a way so that you don’t have to pay any private mortgage insurance fees. However, mortgage insurance fees on the closed end typically cost around 1% of the total and are usually added to the sum you pay each month.

4. Saving For Closing Costs
Besides your down payment, you’ll also need to pay your closing fees. And if you’re a first-time buyer, you might be in the dark about how much it costs. Put, your closing fee is usually either 3% or 4% if the total cost of your home. And more than likely, your lender will provide the details so that you know exactly how much to bring on the day of closing and they also pay for the following:
-Insurance
-Appraisal
-Attorney
-Home Inspection
-Credit Report

As such, you’ll want to start saving for the closing day as well as your down payment. While keeping is a great idea you may need to sell some stuff, take up a second job, move into a smaller space, and even have a roommate to accomplish your personal goals faster. So, whatever you do, you’ve got to hustle!

5. Ensuring That You Are Preapproved For Your Loan
When you’ve finally gathered enough funds for a down payment and your closing fees, you’ve put yourself in a high position to negotiate with the person in charge of your potential mortgage. This step of the process takes some more time so, it’s best that you get preapproved before you start the search for your dream home. And it also creates a better image for your sellers, and they tend to take you more seriously.

To get preapproved, you’ll need to let your lender perform all the checks to validate your financial information. And they’ll also need to submit for underwriting after everything checks out. So, if you live a debt free life, lenders will work better with you.

6. Finding A Home That Is In Your Desired Price Range
Research has indicated that most buyers go on to purchase homes they find online or even through a trusted real estate agency. And we’re here to tell you that when you attempt to pursue both methods, it puts you in a better chance for getting what you want. When you find something you like online, be sure to send it over to your agent so that they can get a better idea of your exact liking. And, they’ll even be able to use various listing services available to find the perfect one for you.

7. Neighborhood Research
Once you’ve found something within your price range, keep in mind that you shouldn’t just rush into a decision. You’ll need to consider the factors such as the quality of life you can have there as well as the commute to your job and maybe even the size of your yard. Additionally, you’ll also need to consider schooling options for your kids as well as the levels of noise. And when it comes to safety, you may also want to look into how rich folks are to go outside during the day and night.

As we conclude, we’ve just given you the top 7 tips for the first time homeowners. When it comes to purchasing your dream home, we know how important it is to you. So, if you’re considering a new home in the Pine Ridge area, we’ve given you the most important factors to consider before you jump straight in and end up with future burdens.