There are many things that could go wrong, especially when buying one among the many homes for sale in Metairie, LA for the first time. However, with much preparation before you actually dive in for the purchase, as well as with expert guidance from a dependable real estate expert in the area, you can do away with the missteps and get your much-coveted starter home.
Listed below are our team’s recommendations for a stress-free first-time home purchase:
Get your finances ready for the big investment
The first few things you need to do will hinge on your financial capacity and level of readiness to take on the requirements of a huge milestone such as buying your starter home. The following are what you need to do prior to the purchase:
- Settle all debts to garner a decent credit score. A good credit score is among the requirements for getting a home. If you are debt-free, you won’t have trouble getting a score of 620 or higher which is the minimum score you need for a loan with the best terms. Some lenders, though, have increased the minimum to 700, especially with the specter of the COVID-19 pandemic haunting not just the safety of the populace but also the status of the economy.
- Determine how much house you can afford. This means checking your asset portfolio. Ask for proper accounting from a finance manager to know the extent of your finances. From there, you can draw up a budget and use this as a basis for finding a home within your price range.
- Get pre-approved for a loan. Doing this will let you know how much a financial institution will be willing to lend you for your home-buying endeavor. Home sellers also prefer buyers with this on hand as this is proof of the latter’s seriousness in making the purchase.
- Brace yourself for secondary costs of buying a home. A home’s price tag is not the only expense you should prepare for. Remember that there are other expenses that come with buying a home such as down payment, closing costs, regular mortgage fees, insurance fees, a standby fund for maintenance and repairs, and taxes, to name a few.
House-hunting and negotiations
For this particular aspect, an expert in the local real estate sector can help you with the nuances of selecting the home that fits your price range and your specific needs and requirements. Their expertise will be valuable to you especially when you do find a home you fancy and you need to negotiate with the home seller regarding the home’s final price and contingencies. They can also recommend good residences in an area, taking into account the comps of similar homes in the community and knowledge of future developments.
Also, try going on virtual tours of homes in the community you prefer. With real estate transactions now shifting to the digital world due to statewide stay-at-home orders, virtual tours are the next best thing to open houses.
Home inspections are a must
Even with the COVID-19 scare, home inspections still need to be conducted. A home inspector will be looking for flaws in the home you have chosen to see if it does merit the price offered by the seller or if there’s a need to renegotiate for a new price – or worst-case scenario, if you need to walk away from the negotiating table and find another home.
Check out the Axis Realty Group for your real estate requirements in Southern Louisiana by calling 504.202.0354 or sending an email to Nicole(dotted)AxisRealty(at)Gmail(dotted)com.