Buying your first home can be both an exciting and somewhat apprehensive experience. After months of saving and looking at homes for sale onlne, you finally have the down payment, and it's now time to set appointments to visit Greater Newburyport homes for sale and seriously start looking. What should you know as you are getting started?
- If you haven't already, you will want to get pre-approved with a bank or mortgage company. Often times the pre-approval will come in at a higher price than you may want to spend. Figure out the monthly amount you feel comfortable paying and start your search in that price range. A loan officer will let you know what you can expect to pay for closing costs. It is good to have some money left over in a savings account. As a homeowner unexpected costs may arise. For instance, a water heater or appliance may need repair or replacement.
- There is important information to find out if you are planning to purchase a condominium. You will want to ask if there are any special assessments pending, what the condo fee includes and if there are pets allowed. Your loan institution will want to know how many of the other units are owner occupied. Is there money in a reserve account? If not, where is the money going to come from if the roof needs replacing or the exterior needs to be painted? Always ask to see the rules and regulations.
- Know what to expect during the home buying process. It will vary from state to state. How much of a deposit will be required? How much time is typical from the time your offer is accepted until when you take ownership. In the Newburyport area six to eight weeks is common. You will have a time frame in which you can have the house inspected by a home inspector. Even though you have a pre-approval, your loan company will issue you a financing commitment applicable to this particular home. Your agent will be able to explain the process to you.
- A wise decision is to work with a buyers agent. The agent will represent your best interests in the transaction. They will be experienced in negotiating, sometimes to get you the best price, and in multiple offer situations to get your offer accepted. Ask any agent that you are considering working with how long they have been selling homes in the area you are interested in.
Now that you have done your home work, have been pre-approved, and are working with a good buyers agent, it is only a matter of time until you will find that special first home to call your own.
Call or email Donna at 978-375-8094, Donna@DonnaQuinlan.com to represent you in buying your Greater Newburyport first home.