The Newbies Guide to Purchasing a Home

Buying a home can be thrilling and overwhelming. If you are a first-time homebuyer, those emotions can be even more extreme. It can be difficult to know exactly what to expect and the learning curve can be steep, but most of the issues can be resolved by doing a little homework.
  • Check your credit - Your score is among the most important factors when it comes to qualifying for a home mortgage. You are able to obtain a free credit report every year. Take some time to review it for mistakes and be prepared to explain any unpaid debts or collection actions. Additionally, it is important to remember, that payments are not the only thing that plays into your credit score. The amount of credit you're using compared to your available credit can also be crucial in your score. Repairing damaged can take time. Begin the repair process at least six months before shopping for a home.
  • Space versus location – When you are a first time buyer, choosing the right home is often about compromise. If you want a prime location, you might need to give up some of your must-haves including extra space. 
  • Plan for the future – Many times, new homebuyers are so focused on the here and now that they forget to plan for the future. Consider if you will be starting a family soon and other plans that may come into play when planning your home purchase.
  • Inspections – A home inspection is a crucial step in purchasing a home. It will tell you if there are any things you may not see on the surface that could be cause for alarm. Don’t get so wrapped up in the idea of a new home that you skip this important step. Additionally, if the inspector finds something negative in his report, it may not be a deal breaker. Use it as a negotiation tool.
  • Stick to your price point – Many first time home buyers have a long list of things they are looking for in their first house. It is important to remember that purchasing at a lower price point and putting some work into your home might be a better way to get the house you were hoping for.

Are you considering purchasing your first home in Joliet or the surrounding communities?  Contact Nancy Hibler to guide you through the home buying process.


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