What to Consider When Buying Your First Home

family-personal-insurance-raleighMaking the decision to buy a home is exciting and definitely something to be proud of. You need to be careful going about this process as there are many mistakes that first-time homebuyers make which cost them a lot of money. Here are a few things you should do when buying your first Clayton NC home:

Learn more about the real estate trends of the neighborhood

Many reasons could make you choose a specific neighborhood like work, the school district, family or simply the allure of the environment. Once you have settled on the neighborhood you want to buy into, you should start finding out more about real estate trends and prices. Look through listing services online, check the prices of comparable homes and find out more about realtors in Clayton through the National Association of Realtors. They can help you find a great deal on a house.

Plan for the cost

You need to calculate your mortgage to find out how much you will need to pay in monthly payments. You also need to find out your total monthly housing costs including taxes and insurance. The initial cost of buying a home may be quite high, so you need to start saving for it early. You also need to buy a home that you can afford even after the initial purchase to avoid foreclosure. Projecting these costs in relation to your income is a crucial bit of the decision-making process.

Find a reputable realtor

Realtors help you make important decisions and save you a lot of time. They understand real estate markets better than anyone. They have the scoop on the latest and best properties on the market. You may look through hundreds of listings before you settle on the kind of homes you want to check out, but based on your description, a realtor can compile a list within a couple of minutes. The realtor will also oversee the contract between the buyer and the seller and negotiate for a great deal based on a realistic property value.

Clean up your credit

A blemish in your financial records could prevent you from getting a mortgage lender or the best terms on a loan. You should speak to a financial advisor about your credit, and work on clearing any debt or financial issues that may have put a mark on your records.

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