If you are planning on buying a home in Southbury or anywhere in Connecticut here are my Top 5 tips for homebuyers so you are prepared when ready to start searching for homes. Buying a home is an exciting time in your life, but it can also be quite a challenge, as well as having the potential to be a costly mistake, especially if you are a first-time homebuyer.
I want to make the process more understandable for you and so you are prepared when ready to start searching for homes. With that in mind here are 5 tips for homebuyers if you are planning to buy a home in Southbury or anywhere in Connecticut.
Paying Down Debt and build An Emergency Fund
The first tip for homebuyers in Southbury is to begin paying down debt and building an emergency fund. First time homebuyers need to be able to afford the home they want to buy. And the cost goes beyond the monthly mortgage payments.
It also includes a bunch of upfront expenses and ongoing expenses as well. Paying down debt will put you in a better position to get the financing you need to buy a home in Southbury. Then you have to be able to cover costs such as the Down Payment, Homeowners insurance, Closing costs, Maintenance and any repairs you need to make after moving in.
Experts suggest that you work toward getting debt-free and that you try to have an emergency fund of at least three months worth of expenses.
Calculate How Much Home You Can Afford
A related tip for homebuyers in Southbury is to carefully calculate exactly how much home you can afford. You want to be wary of falling in love with a home that is actually outside your budget which could potentially make you house poor.
So, determining how much you can afford, you have to look at much more than just the size of the monthly mortgage payment. Financial experts say that your total monthly cost of homeownership should amount to no more than 25% of your take-home pay each month.
If you are not familiar with all the costs you need to factor in to determine how much you can afford, talk to your agent or me. I would be happy to help. Make sure to check out my first time homebuyer guide that goes into more details with this.
Get Pre-Approved and Shop in Your Price Range
The third tip involves a very important financial consideration. After paying down debt and saving for the down payment and other expenses and after determining what you can actually afford, homebuyers then need to know how much they can actually borrow and Getting pre-approved will do that for you.
During the pre-approval process, your lender will take a close look at all of your financial information and then give you a pre-approval letter stating how much they are willing to lend you and the mortgage interest rate you will have on your home loan.
Then if nothing in your financial situation changes, you will know the amount of the mortgage loan you can get. So, after getting pre-approved, this is when you are now ready to go searching for homes since now you know how much financing you can get and, as a result, will know what price range you can shop in.
Getting pre-approved before house hunting will save you a lot of time and effort. You won’t waste your time on homes you can’t actually afford. I also recommend doing this step when you are actually ready to start looking for a home since most pre-approvals typically last for 60- 90 days.
Research The Neighborhood
The fourth tip in the process is researching the neighborhoods where you want to live in Southbury or any town. Homebuyers should also keep in mind that you aren’t just buying a home you are also buying into a neighborhood. So no matter how much you love a particular home, if the neighborhood isn’t a good fit, it will likely be a mistake.
Work With A Real Estate Agent
And the fifth tip is to work with a real estate agent. I recommend doing this early in the homebuying process before getting preapproved so I can help create a plan so when you are ready to start searching for homes in Southbury and surrounding towns we can start right away.
As you can see through all these tips for homebuyers there is a lot that goes into buying a home and working with a real estate agent will help you answer any questions you have and navigate you through the whole homebuying process.
Here are just some of the things that myself and agents can do for you:
- Help you find listings that meet your criteria
- Assist you in viewing homes
- Keep you from looking at overpriced homes not in your budget
- Negotiate the best deal possible for you
Let’s Talk Today
So if you’re among the serious homebuyers in Southbury find out more how I can help you find and purchase that dream home. Send me a message or give me a call today.
I am committed to the real estate market to make sure you have all the information you need to make your next move. Make sure to check out all the resources I have to put together for you here on my website and if you have any real estate questions or even just want to meetup for a quick coffee, reach out to me anytime. I look forward to hearing from you. Have a great day.