General Information - Four Steps Toward a Successful Home Purchase



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Four Steps Toward a Successful Home Purchase

There are many factors that come into play when purchasing a home, and while you likely have an idea on how you will approach the investment, these four tips can make the process more simple.


There are many factors that come into play when purchasing a home, and while you likely have an idea on how you will approach the investment, these four tips can make the process more simple.

1. Create a budget and stick to it - For first-time buyers, buying a home can use up a serious amount of savings, as the required down payment is typically higher. There are numerous tools available via the internet that can help you create a thorough estimate on how much you can afford to spend on monthly housing expenses, using financial information including your income. Being knowledgeable about your current credit situation will also be helpful with regards to the interest rate lenders will offer you.

2. Get preapproved or prequalified - By getting preapproved or prequalified for a mortgage loan through a lender, you can shop for your new home with confidence that you can afford it. While being prequalified can provide an estimate, getting preapproved will give you an exact amount for a loan, that is generally guaranteed for 60 to 90 days. Those with homes for sale on the market are also generally more fond of offers from potential buyers that are prequalified or preapproved, since it typically makes the closing process faster.

3. Find a trustworthy real estate agent - When hiring a real estate agent, make sure they are familiar with your area. Present them with a list of necessary characteristics, including the number of bedrooms and bathrooms that will best suit your family, and include desired amenities that may be more likely to win you over. When creating a list, it is important to be realistic with expectations regarding your price range, as expensive requests may lead your agent to believe you are willing to go over your budget for these extra features. If moving near friends or family, make sure to gather recommendations for real estate professionals in the area, and meet with them before making a final selection.

4. Set financial homeownership goals - Becoming a homeowner is a fun and exciting process, but don't forget to set goals for the future when making this major investment. Factor in how long you plan on living in your home, and determine if a short- or long-term mortgage would best fit your current lifestyle.

For consumers interested in new homes for sale in Florida, it's important they know how to move through the process. GL Homes can help consumers know what the latest trends are for real estate in Florida so they know exactly what they want in their new home.