Ready To Pursue Buying A Home In Your Area? Follow These Steps With A Residential Realtor

Posted on: 17 March 2021

If you have had a steady job and you want to stop paying to rent, it may be time to apply for a mortgage and to shop for your first home. There are a lot of advantages to being a homeowner, and often a mortgage is less than a monthly rental payment.

Finding out what you can afford and how much you should spend on home is one of the most important things to do when you are ready to look at residential properties. Here are things to do so you can shop with a local real estate agent.

Calculated a Budget

Calculating the most accurate budget before your home search is important. Be sure to factor in the cost of:

  • The sale price
  • Insurance for the area
  • Taxes
  • Immediate repairs needed
  • Utilities

Some areas will have higher taxes than others because of the quality of schools, you may need to pay more for insurance because a property is in a classified flood zone, or you may find a property in an area where the water or another utility is above average.

Factor Down Payment Needs

It is most ideal to put down 20 percent of a home or the amount required by the lender so you don't have to pay private mortgage insurance. This insurance the bank has to cover the cost of the property if you default on your loan.

You may also have fees like closing costs, the first year of insurance paid in advance, and more. Make sure that you have enough for the down payment that you may need, which also will affect the cost of your monthly mortgage.  

Entertain a Variety of Listings

Discuss your needs with a residential real estate agent and go from there. You want to look at different areas and different properties the agent suggests to be sure that you know what you want. The real estate agent will consider your needs, wants, interests, and budget to find the best property.

Purchasing a home can be a smart financial investment for your future. If you have a reliable source of income and you know you want to live in a certain area, find an agent that specializes in that area and with your target type of property. Get approved by a mortgage lending company and work with a local real estate agent to be sure that you get a property that fits your lifestyle, and that will work with your budget so you aren't strapped.

Reach out to real estate agents like those at The Walski Global Team at Keller Williams Hudson Valley to get started.