What to do Now if You Plan to Buy a Home This Year

Thinking about buying a home this year? Here are some steps you should take to prepare! 

    1.    Talk to a lender to get pre-approved and figure out your purchasing power and ideal price range. We recommend speaking to a few lenders to compare rates, and reaching out a few months in advance of beginning your home search in case you need or want to do any credit repair. Make sure to ask about all available financing options, down payment options, and projected monthly mortgage payments. If you plan to put down less than 20% of the loan amount, you may be required to pay private mortgage insurance depending on the loan type. Your lender will help you consider all available options to figure out the best plan for you based on your long-term and short-term goals. 

    2.     If you have a home you need to sell, contact an agent to start getting ready to list. If you’re currently renting, double check your lease-term and any other requirements in the lease agreement. Some leases require notice before terminating. If you move out before the end of the lease term, you could be liable for continued rent payments until the lease term ends. Depending on the lease agreement, you may be permitted or excluded from subletting to another tenant. Make sure to consider these factors when deciding on your home-search timeframe. 

    3.    It’s never too early to start figuring out what home qualities you are looking for. Some people prefer to search Zillow and Realtor.com to mentally construct their dream home. We also can set up a custom search through the MLS that sends you homes with the features you are interested in. Figuring out your dream home is a process, and early preparation is the key to success when you start touring and making offers. 

    4.    Buying a house should be fun! The crazy market of the past couple years has normalized and buyers can finally breathe a sigh of relief. The days of super low interest rates may have passed, but buyers are now in a better position to get an offer accepted with favorable terms. Plan ahead, follow your game plan, and enjoy the process! 

If you’re planning to buy this year, give us a call at (864) 583-1000. We would love to help you find your dream home!

Written by Watson Gowdy, Buyers and Listing Agent