A Guide for First-Time Homebuyers

Buying a home for the first time is a very exciting step, but it can also be a confusing process. We’ve put together some information to help you plan each piece of the home-buying experience.

To-Do List before Home Hunting

• Plan your budget: When figuring out how much you can feasibly spend on a house, be sure to factor in closing costs, property taxes, homeowners insurance and other charges you may face.

• Find a mortgage lender: In many cases, you will need a pre-approval letter from a mortgage lender before any real house hunting can begin. Call a few lenders to ask about their interest rates so you can find the best deal.

• Organize the paperwork: Your lender will require a lot of information from you, including bank statements, paycheck stubs, tax returns and more. All of this will need to be collected and sent to your lender in a timely manner.

To-Do List While Home Hunting

• Find a realtor: The process of buying a house is a complex one, so it’s in your best interests to work with a realtor who knows the industry well.

• Look around: Visiting properties is a must. You can’t rely solely on online photos and descriptions. Look for space, age, quality of appliances, nearby fire stations and schools, neighborhood safety and more.

• Avoid money pits: While a few fixer-upper projects are almost always necessary, you’ll want to avoid buying a place that needs extensive work done.

To-Do List after Home Hunting

• Get an inspection: Once your offer has been accepted, you will need to hire a home inspector to check out the property for signs of damage. If problems are found, you can either walk or negotiate the price with the seller to fund repairs.

• Appraisal: Your mortgage lender will often require (and sometimes set up) a home appraisal. This must be done before deadlines laid out in the contract.

• Buy home insurance: Even though your lender will require you to buy home insurance, it’s a great way to protect your investment from a variety of risks and hazards.

We’ll help you find great coverage. Call Karla’s Insurance Inc. at 804-221-0782 for more information on North Chesterfield, VA home insurance.