Purchasing a new home stands as one of life’s most exhilarating yet occasionally daunting milestones. Whether you’re looking to escape the cycle of renting, ready to settle down, or making a move to a new city, entering the housing market can feel like exploring uncharted territory.
Before you begin browsing hundreds of listings, it’s best to first assess your financial readiness.
- Check your credit score. A higher score opens the door to more favorable mortgage rates.
- Establish a budget. Determine what you can comfortably spend each month without strain.
- Save for a down payment. While the traditional norm is 20% for a down payment, there are several other loan options that may require significantly less.
- Plan for closing costs. These fees typically range between 2% to 5% of the home’s purchase price.
Pro Tip: Getting pre-approved for a mortgage will help you understand what price range you should be considering, as well as it shows sellers, you’re a serious buyer. Chris Jenkins, at Arch Capital, will be happy to answer all your financial questions. Contact Chris today! (678)- 925-8662
What’s Important to You
Now that you know “how much” home you can buy, make a list of what’s really important to you. Consider both your immediate needs and future aspirations:
- Location: Evaluate factors such as commute times, school districts, and lifestyle amenities.
- Size: Reflect on the number of bedrooms, bathrooms, and overall living space you desire.
- Features: Consider additional perks such as a big backyard, extra storage room, a 3-garage, updated kitchen, pool, etc.
To streamline your search, it’s a good idea to create a list of your “Must-Haves” and your “Nice-to-Haves”. This approach will help you maintain focus and clarity throughout your journey in finding the ideal home.
A Good Real Estate Agent
The right real estate agent is essential in your home-buying journey. Your agent will narrow down your home search based on the information you provide to them about your “needs” and wants”. Your real estate agent will also be your advocate and negotiator.
In contrast, many buyers choose to explore their options independently, especially when considering the purchase of a brand-new home. Most new home communities have on-site agents available to assist buyers. The good news here is this could save you thousands of dollars. How? The builder will be able to bypass paying a co-op agent’s commissions. As a result, these savings can be passed along to the buyer, making this an attractive opportunity for those looking to purchase a brand new home. If you choose to take this route, rest assured that our on-site agents are available and eager to assist you throughout the entire new home buying process. Be sure to ask about Specials the community may be running, too.
Buying your first new home can feel like a lot, but you’re not alone. With the right preparation and clear priorities, you’ll be ready to find the perfect place to call home.
