If you’re a first-time home buyer it can seem overwhelming when trying to purchase the home of your dreams. So many little details involved, from credit scores and escrow to pre-approvals, interest rates and more. It’s an exciting time for sure; our real estate pros want to help make it easier with these tips for home buying success on the Big Island.
Know Your Budget
Know your budget before you start your home search. How much home can you really afford? Consider everything; your income, debts, how much you spend on food, cable, clothing and other purchases. This is important because when you work with your lender, he/she will base the amount you’re pre-approved for on your income and secured debts without taking other living expenses into consideration.
How’s Your Credit Score?
A good credit score is key when investing in a home, so it’s important to keep your eye on your score well in advance of buying a home. This is especially true if your score isn’t all that great and needs improving. You may not be aware of it, but a high credit score (one that’s above 700) will likely get you a substantially lower interest rate. Why does this matter? It could potentially save you tens of thousands of dollars! With so many free websites, it isn’t difficult to obtain your credit score and work to improve it if need be.
What Do You Want Home To Be?
What exactly is your dream home? It’s vital to know exactly what you want in a home before you start looking – what you have to have and what you are willing to compromise on. Are three bedrooms a must? Is a smaller living room a deal-breaker Whether it’s the layout, color scheme, flooring material, number of rooms, or something else, know what you want and make a list of what you like or don’t like in the properties you look at. Never be in a rush when it comes to what’s possibly the biggest decision of your life.
Set up a property search on our website rather than using a large real estate portal such as Realtor.com or Zillow. Why? You will be able to peruse all of the local homes, condos, estates and land available with our local brokers, whereas the larger real estate portals may not include all of the listings.
Hopefully these tips will help make your home search easier and less stressful. If you’re considering a home on the Big Island, Give us a call today!