3 Tips for First-Time HomeBuyers in 2021
Buying a home can be an overwhelming process. This is especially true if you are a first-time homebuyer and you are trying to learn along the way. First-time homebuyers in 2021 should take comfort in the fact that they are not alone and there is a wealth of resources available today to aid them on their home buying journey. Read on and discover a few helpful tips for people looking to buy their first home this year.
Hire an experienced agent
First-time homebuyers should rely on the experience of a reputable real estate agent when searching for a home. This should be the person you can ask questions and look out for your best interests every step of the way. You want to be sure that you find someone who you are comfortable working with, so don’t be afraid to interview a few people before making a decision on who to hire.
Obtain a mortgage pre-approval
One of the first and best steps a buyer should take is to get approved for a mortgage. After you contact a lender, they will conduct an investigation on your finances by pulling your credit history and accessing your overall financial situation. They will then provide you with an estimated interest rate and loan amount. This will help you better understand what you can comfortably afford.
Understand total cost of owning a home
Many first-time homebuyers do not fully understand the total expenses associated with purchasing a home. All too often, buyers are fixated on the downpayment and overlook closing costs, property taxes, homeowners insurance, utilities, etc. When creating a budget, all these costs need to be considered and weighed to make an informed decision.
Read more about our HDB Documentation Service.