My husband and I recently bought our first home. Here are my top five recommendations on the path to home ownership.
Five Tips for Buying Your First Home
- Do be patient: A lot can happen between making an offer and closing the deal. It is easy to become emotionally attached to a new house. I found myself daydreaming about paint colors and carpets. And don’t even think about buying new furniture till the deed is signed!
- Do get organized: When buying a house, a plethora of financial documents and information are needed to complete the purchase. Getting preapproved by a bank or mortgage lender can help your offer and get you through the closing and escrow process faster. Getting organized will also help you feel confident about this important financial decision. In the end, it will save you both time and money. More important, you will be clear about your financial picture, whether or not your offer is accepted.
- Do act quickly: There are many steps that must be taken from the moment your offer is accepted. It is critical that these steps happen in a timely fashion. We had a very quick closing, which meant that not even a day could be wasted to meet all of the deadlines and timelines to close on time.
- Do write a personal letter or story with your offer: In a competitive or limited real estate market, the way you craft your offer is important. We wrote the seller a very personal letter about our family and included a photo. In the end she chose us even though there were multiple offers, and I believe part of that choice was due to our letter.
- Don’t do anything that will affect your cash or credit: If you are applying for a loan, the lender will be evaluating your credit. It’s important not to make any moves that might affect your credit. This includes not opening new accounts, taking on additional debt or applying for any new credit.
