First Time Home Buyers
How to Prepare to Buy Your First Home in Maryland
One of the most exciting moments in your life has arrived; now is the time to purchase a home. Before you begin into searching for homes online and scheduling tours of homes with random agents, there are critical steps that need to be taken so you set yourself up for a successful home buying experience.
Hiring the Right Real Estate Team
Choosing a Real Estate Team is an essential decision you will make when you’re ready to buy a home. A great real estate team can help you navigate the buying process with minimal stress, whereas a not-so-good agent/team might make the process harder on you (and your wallet) than it needs to be. With keeping that in mind, make a goal of hiring real estate team who will communicate with you throughout the entire process and share your goals because at the end of the day this process is All About You! Team Caropreso prioritizes your needs as a buyer so you the best home possible for the best price possible.
The Importance of being Pre-Approved
Obtaining a “pre-approval” from a reputable lender is highly recommended before you begin house hunting. During this process, a lender thoroughly examines your finances and credit, and then confirms in writing how much the lending institution is willing to lend you, and under what terms. The pre-approval will tell you how much home you can afford and will help you move faster in competitive markets. Plus, the pre-approval shows that you are a serious buyer who is able to make a serious offer!
Needs vs. Wants
Envision your ideal home. Does it have a huge plot of land for your dogs to run around? Or is it a high-rise condo overlooking the city lights? Where is it and what makes it special to you? Now, think about your budget: How much house can you really afford?
As you put together the picture of your dream home, you may discover that there are features you don’t want to sacrifice and for which you’re willing to pay more. Maybe it’s living within a thirty minute drive from work, an open kitchen or family room, or even something less common, like wheelchair access for a family member. Sometimes, the wants are easy to distinguish from needs because you’ll find yourself saying “a pool might be nice.” Another way to look at it is: wants are things that you can add or change on your own.
In short, Needs are items that are a deal breaker whereas Wants are items that would be nice to have, but you would still purchase a home even if this item was missing. When finding a place to buy, you will always end up making compromises, but with a good understanding of what’s most important to you, what you can live without and what will add value to the home, finding the right one will be easier.
Location, Location, Location
When a home buyer is thinking of buying a home, they sometimes wonder aloud about the most important things they should consider. Obviously, a home buyer’s Needs are essential, but then what? Location, Location, Location.
Homes can vary widely in value due to their location. Homes that are in low supply are typically located in high demand locations. What contributes to a high demand location? Many factors influence a demand of a location, including but not limited to: local school districts, community amenities, views, low crime statistics, and more. As you begin to think about planting roots, remember what may be appealing today in a community may not have the same appeal in 5 years. The same can be said about location. Although a specific neighborhood may be in high demand today, in 5 or 10 years, that neighborhood may not have the same appeal as it previously. Take time to think about what factors are most important in location in your new home.
Contact Team Caropreso
Our goal is to be informative and helpful. Through our 21 years of experience, we hope to earn your business with our exemplary level of service and extensive local knowledge of the Central Maryland area. We recently have expanded real estate services to southern Pennsylvania.
We offer in-person and virtual consultations, just click on the image to schedule your appointment today!