Owning a home is what you dream of when you think of your future. It is also one of the biggest investments most of us will make. We want you to go into this process fully prepared so you can get the home of your dreams! Southern Utah is one of the best places to retire and to raise a family and we are here to bring you a first time buyers checklist, just for you!
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1. HAVE ENOUGH MONEY TO MAKE YOUR MORTGAGE PAYMENT
Obviously! If your mortgage payment will bust your budget, you make have to stick to renting at this time. Make sure you get pre-approved and know what you are approved for. This will help determine how much you can afford on a monthly basis. Use a mortgage calculator to estimate your monthly payment.
2. ENOUGH INCOME TO PAY PROPERTY TAXES AND HOMEOWNERS INSURANCE
The mortgage isn’t the only cost you’ll have each month. You also have to pay taxes and insurance. If you can’t make those payments, it may be wise to stick to renting for a while.
3. THE ABILITY TO MAINTAIN THE PROPERTY
You must keep a home in good repair or it will lose value and you’ll lose money. You can do the work yourself or hire it out. Either way, you can’t ignore peeling paint and windows that won’t close; It is important you strive for the best for your new home.
4. A DECENT CREDIT SCORE
If you have lots of late payments, have declared bankruptcy or left old debts unpaid, it’s harder to get a mortgage. And if you do get one, your bad credit record will make you pay a much higher interest rate.
5. YOU DO NOT NEED A BIG DOWN PAYMENT
It’s best to make a big down payment so you can skip paying private mortgage insurance (PMI) and lower your monthly payments, but it is possible to buy a house for almost nothing down.
6. YOU DON’T NEED EXPERIENCE
Buying your first home can be very scary and nerve racking, but that is why we are here! As a company, we are here to answer any questions you may have and help you walk through the entire process. We want the best for you and we’ll take care of all the hard stuff.
7. DETERMINE WHAT YOU WANT AND WHAT YOU NEED IN A HOME
This will help you and the real estate agent as well. It is important to determine a location or city you would like to live in. What type of home are you looking for? Single family, town house, condo? Choose a price range you are available too and what size of home you need. Also, it is important that you have an idea of what kind of architectural style of home you like. This will help narrow down the options and make it easier.
8. RESEARCH TARGET NEIGHBORHOODS
It is important that you research target neighborhoods. Look online for information on schools, crime rate, traffic and zoning, determine the commute for work, Scout local amenities, such as parks, shops and restaurants.
9. RESEARCH EACH HOME THAT YOU WANT TO BUY
Researching each home you’re interested in can help you determine which one is the best fit for you. Ask your agent for comps to estimate the property’s fair market value, ask the seller’s reason for selling, review ALL property disclosures, and find out about liens, easements or other restrictions.
10. LETS GET THAT HOME YOURS!
After deciding which home you want to purchase, we are here to help you get it closed. We will tell you everything you need to bring to closing and make it as simple as possible. We want to be part of this amazing journey for you and we want to make your dream home come to reality!
IF YOU ARE THINKING ABOUT SELLING OR BUYING A HOME, GIVE US A CALL AND WE WOULD BE MORE THAN HAPPY TO ANSWER ANY QUESTIONS AND MAKE YOUR HOME GOALS A REALITY.
THE DIAMOND GROUP