3 Things First Time Homeowners Often Overlook

When it comes to purchasing your first home, it’s easy to get caught up in the excitement and exhilaration. Finding what seems to be the perfect home can easily cloud your judgment, leading you to say “yes” without actually considering other factors. As a result, you end up with headaches of unexpected expenses.

There’s no other light way to put it—the home buying process can be challenging. As such, it’s important to prepare well and early, as this will be your key to success. When you have a clear blueprint of what you want to happen, you make sure that things go your way. 

You’ll need to research and get loan pre-approval, all of which can easily be overlooked in the light of all the hectic procedures. To ensure that you succeed in the home buying process, here are the three most important things you should never forget:

Researching Your Future Home’s Neighborhood

When you think you’ve found the perfect home, you’re likely looking at the spaces the home offers. There might be extra rooms you can use, or perhaps a modern kitchen to give life to your baking dreams. A backyard or garage may also be present, and all these amenities may seem enough to close deals. However, it’s always best to go beyond just the home—make sure to assess the neighborhood carefully.

You need to ensure that the neighborhood suits your overall lifestyle, which should include commuting, schools, and even grocery stores. You also need to double-check the crime rates—never risk your life just for better amenities! Make sure to visit in different parts of the day, just to get a clearer picture of what the neighborhood is like. 

Double-Checking The Property’s History

A house may have caught your eye, but when was it constructed? It’s important to do your due diligence and research a potential home’s history, which should include records of repairs, sales, and even crimes. It’s rarely a good idea to live in a home of crime, no matter how long it may have been since then. 

It’s also a major red flag if you see that a home’s been sold multiple times in a span of a few years—something may be seriously wrong with the home, so make sure to ask around. The state of the home must also be considered, which includes the tiling, plumbing, and of course, the foundation. It’s better to avoid future, unprecedented expenses!

Loan Pre-Approval and Lender’s Mortgage Insurance 

Although a quite obvious part of the home buying process, many prospective homebuyers still fail to obtain a loan pre-approval. This document states the amount you’re allowed to borrow, which helps you set a realistic budget that fits your current financial standing. It also serves as proof that you’re a credible and reliable buyer, upping your chances of accessing better homes.

Should you wish to borrow more than 80 percent of the home’s total price, you will be required to also purchase a lender’s mortgage insurance. This serves as protection for the lender, just in case you fail to comply with repayment. Many homeowners forget this crucial fact, surprising them with additional costs—it’s always just best to save for a larger down payment, rather than paying extra!

Work With Florida’s Best Licensed Mortgager

A lot of things can go wrong with the home buying process, especially if you’re new to the scene. You can either easily get overwhelmed with the number of tasks that need to be, or get sorely blinded by homes that you fail to consider factors and other options. There’s plenty that could go wrong, so make sure to keep this handy guide in mind as you traverse through the journey of finding your dream home.

It’s also important to ask for a helping hand. To learn more about first time home buyer loans,  America’s Mortgage Solutions has you covered. We are based in Palm Beach, Florida, ever-ready to help you make the best possible decisions. With years of industry expertise, we guarantee you only the highest survival standards. Find your dream home with us—let’s chat! Please call us at (561) 316-6800 to schedule your consultation.